Bitcoin Plunges 5%, Hitting $86k as Musk Predicts Death of Money

Bitcoin prices plummeted over the past 24 hours, dropping to around $86,251 by early Wednesday morning. This sharp drop followed a surging market capitalization that fell 4.9% and reached a market cap of $3.02 trillion. Trading volume surged to $64.3 billion, as over 200,000 traders were liquidated, amounting to $642.81 million in total losses, according to Coinglass. The sell-off was attributed to thin liquidity and high leverage levels as seen on cryptocurrency exchanges, leading to a domino effect selling pressure.