May 23, 2025
U.Today - The ongoing bullish rally in the digital currency sector has suffered a slight setback as the leading asset, Bitcoin , lost critical support. After soaring to a new all-time high (ATH) and peaking at $111,970.17, Bitcoin has dropped below $109,000, leading to severe liquidation in an unusual market bloodbath.
Bitcoin saw a total of $139.44 million wiped out, with long position traders losing $113.62 million as against the $25.82 million registered by short position traders. The liquidation has impacted market sentiment as trading volume plummeted by a massive 32.19% to $63.95 billion.
As of press time, Bitcoin has lost over $3,000 and is trading at $108,426, representing a 2.63% decline within the time under consideration.
The liquidation among altcoins hit Ethereum (ETH) hardest. The leading altcoin also witnessed a liquidation imbalance, as a total of $137.67 million was wiped out, with long-position traders accounting for $100.74 million.
Similarly, XRP , which has been aiming for the $3 level, registered a massive $10.47 million in long-position liquidation as most investors were betting on increased growth. Short traders lost $910,000, for a total of $11.38 million wiped out from the coin.
Market observers are watching Bitcoin to see if the asset could lead the crypto market recovery and continue on its upward trajectory. Notably, Bitcoin’s mini-golden cross recorded recently offers hope of a potential price rebound.
This article was originally published on U.Today
