Bitcoin slips below $100,000 as total crypto liquidations hit $463 million
Bitcoin dropped below $100,000 while total crypto liquidations reached $463 million amid broader market declines.Summary
Bitcoin fell below the $100,000 mark for the third time this month, trading at approximately $98,841.86 as total cryptocurrency liquidations hit $463 million in the preceding 24 hours, with $342 million coming from long positions. JPMorgan analysts noted that Bitcoin's estimated production cost, which acts as a support floor, has risen to about $94,000 due to increased network difficulty. The downturn was not isolated to Bitcoin; Ethereum and Solana also dropped around 6%, mirroring a decline in tech-heavy indices like the Nasdaq. Macro factors, including a potential government shutdown delaying CPI data and decreased expectations for a December rate cut, were cited by analyst Nic Puckrin as weighing on the price, suggesting traders should remain cautious with high-risk assets.
(Source：The Block)