Unexpected Bitcoin Drop Triggers $210M in Liquidations within an Hour

Bitcoin experienced a sudden dip on Monday afternoon, falling from close to $90,000 to a two-week low of $86,700 within the early hours of US trading. This unexpected drop, which comes amidst a week of anticipated volatility due to significant economic data releases, led to $210 million worth of mostly long positions being liquidated in just one hour. Over the last 24 hours, $450 million have been wiped out, with Bitcoin and Ethereum accounting for the majority of these losses. Additionally, other altcoins such as Ethereum, XRP, BNB, and SOL have also followed Bitcoin's downward trend. Ethereum is nearing a sub-$3,000 price point after a 4.4% decline, while XRP, BNB, and SOL have all experienced similar declines.