Bitcoin Plunges to $94,000: $1.1 Billion in Liquidations Triggered

Bitcoin’s price recently plummeted to around $94,000, resulting in a massive liquidation event of over $1.1 billion. This dip was primarily driven by long-term holder selling, coinciding with ETF outflows and market deleveraging in derivative markets. These factors significantly shifted the market sentiment, leading to heightened volatility across the cryptocurrency space. Analysts have noted similarities to the 2022 FTX collapse, suggesting a typical market retracement. However, key financial institutions like JPMorgan identified crucial support levels, while MicroStrategy reiterated its ongoing commitment to holding Bitcoin.