Bitcoin’s price dropped below $106,000 on Thursday, sparking major liquidations across the crypto market.
The world’s largest cryptocurrency touched a low of $105,798, before slightly recovering to trade around $106,150 by evening.
This decline led to more than $645 million being wiped out from the crypto derivatives market in just 24 hours.
The total value of the crypto market also fell by around 2.5%, bringing it down to $3.32 trillion. Major coins like Ethereum, XRP, and Solana followed Bitcoin’s lead with sharp declines.
Dogecoin took one of the hardest hits among popular coins, losing almost 6% of its value. Some smaller tokens like EOS and AI16Z saw even bigger drops, down more than 14% for the day.
Despite the sudden drop, Bitcoin is still up 4.4% over the past week. Many traders now expect more price swings in the coming weeks, with experts warning that the third quarter is often a weak season for crypto prices. For now, all eyes are on Bitcoin’s next move.
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