Bitcoin Plummeting Below $93K Prompts $1.23B in Liquidations amidst Crypto Market Turmoil

Bitcoin experienced a significant drop on Sunday, reaching a low of $92,111 and losing more than 8.5% of its value in just 24 hours. This decline led to $1.23 billion in liquidations across crypto derivatives markets as bearish sentiment took hold.
The leading cryptocurrency continued to decline after falling from its weekend peak of $101,361, resulting in a wave of forced liquidations. According to data from Coinglass, $1.23 billion in leveraged positions were wiped out, including $222 million in bitcoin longs and $221 million in ethereum (ETH) long plays.
Liquidations accelerated as prices broke through key support levels, leading to the closure of undercollateralized positions by exchanges. Ethereum also experienced a significant decline, dropping 11.3% during the day's trading sessions due to uncertainty surrounding newly imposed tariffs by the Trump administration.
Bitcoin's drop represents its most severe single-day decline in weeks, reflecting a broader trend of risk-on assets such as equities and commodities. This downturn can be attributed to declining interest and market activity, profit-taking after a prolonged rally above $100,000, and a slowdown in ETF inflows.
Ethereum's underperformance has been a persistent theme in 2024 and continues into 2025. Market participants should exercise caution as further liquidations could deepen losses, although some view the pullback as a temporary correction. With low liquidity during the weekend amplifying volatility, traders remain cautious and expect more turbulence ahead. Currently, BTC is trading at $92,535 per coin.