BTC, ETH, ADA, SOL Price News: Bitcoin Plunges Under $98,000, $880M in Liquidations
Bitcoin dropped below $98,000, leading to over $880 million in long crypto liquidations amid weak Chinese economic data and fading Fed rate cut hopes.Summary
Bitcoin fell below the $98,000 level for the first time since May, extending a week-long decline that saw major cryptocurrencies like Ether, Solana (SOL), and Cardano (ADA) drop over 8%. This sharp move coincided with over $1 billion in leveraged crypto positions being liquidated in 24 hours, with approximately $887 million coming from long (bullish) bets—one of the heaviest bull-side liquidations in a month. The downturn was fueled by macro headwinds, specifically disappointing Chinese economic data showing slowing industrial production and contracting investment, which caused Asian equities to fall. Furthermore, expectations for a December Federal Reserve rate cut diminished. The market structure leading into the drop was fragile, characterized by positive funding rates and rising open interest, which amplified the downside once momentum shifted. While the immediate focus is on potential support near $94,000 for BTC, historically, such liquidation-driven resets can mark exhaustion zones, contingent on macro volatility stabilizing.
(Source：CoinDesk)