Bitcoin briefly dropped to $73,000 in the early morning, with the total liquidations across the network reaching $758 million within 24 hours, forcing 172,059 traders worldwide to be liquidated.
(Background: Bloomberg analyst Mike McGlone: Bitcoin will still crash to $50,000, silver is expected to drop to $50, and if there is a rebound, it’s best to short.)
(Additional context: Bernstein: Bitcoin may bottom out at $60,000, and by 2026, it is still hopeful to reverse the downward trend and “start a new cycle.”)
Around 2 a.m. Taiwan time on the 4th, the cryptocurrency market experienced another rapid decline, with Bitcoin breaking below the psychological level of $75,000, dropping as low as $72,917; however, by the time of writing, it had recovered back above $76,000, with the 24-hour decline narrowing to 3.3%.
Ethereum rebounds after flash crash
Ethereum (ETH) moved similarly to Bitcoin, hitting a low of $2,108 at 2 a.m.; before press time, it was trading at $2,270, with a 24-hour decline of 3.1%.
Bullish positions face massive liquidation again
According to CoinGlass data, in the past 24 hours, a total of 172,059 traders worldwide were forced to liquidate, with total liquidations reaching $758 million. Among them, long positions accounted for about 72%, and investors who previously opened longs at $75,000 were wiped out.
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