It leaves nearly $400 million in settlements

Bitcoin’s adventure above $100,000 was short-lived as the asset fell below that level roughly 24 hours after breaching it yesterday.

As expected, altcoins have suffered even more, with massive price drops like LINK, DOGE, AVAX, SUI, SHIB and many others.

CryptoPotato reported yesterday that the price of BTC finally broke above $100,000 after a hiatus of almost three weeks. This came after the last purchase of MicroStrategy.

The asset continued to rise in the hours that followed, peaking during Tuesday morning’s Asian trading session at just under $103,000.

However, he was unable to continue his career and gradually began to lose value. It settled around $102,000 later in the day before bears took control of the market an hour ago. Since then, the major cryptocurrency has lost nearly $5,000 and is down to $97,160 (on Bitstamp).

BTCUSD. Source: TradingView

Altcoins have it even worse. Ethereum is down 7% on a daily basis and is struggling below the key support-turned-resistance level of $3,500. XRP and SOL have declined by similar percentages to under $2.3 and $210, respectively.

Even more painful declines came from DOGE, SUI, AVAX, LINK, XLM, SHIB, DOT, BCH, PEPE and many others, with price drops of up to 11%.

This heightened volatility has hurt over-leveraged traders, with more than 130,000 market participants getting ripped off in the last day. The total value of settlements is up to $390 million on a daily basis and over $200 million in the last hour alone.

The largest liquidated position took place on Binance and was worth $12 million.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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