Just a few hours ago, the price of bitcoin was on the verge of surpassing $96,000, but the bears took full control of the market and the asset fell to its lowest level since November 26.
Altcoins are also in a state of free fall, with ETH below $3,100 and XRP below $2.4, while ADA, SUI, and many others have plummeted by double digits.
Last week did not go well for the leading cryptocurrency, despite its positive start when it jumped above $100,000 on Monday and over $102,000 on Tuesday. However, in the next 48 hours, BTC plummeted by over ten thousand dollars and fell to $91,250 (on Bitstamp) on Thursday.
The bulls finally managed to intervene at this point and did not allow any further declines. On the contrary, bitcoin began to regain some ground and jumped towards $96,000 on a couple of occasions.
The last such attempt occurred this morning, but was unsuccessful. BTC was rejected almost immediately and pushed down to $93,000, as previously reported.
The picture has worsened since then, with bitcoin falling below $91,000 minutes ago for the first time since late November. In fact, the cryptocurrency hit $90,700, which became a nearly two-month low.
Altcoins have also suffered a lot. Ethereum is below $3,100 after a 6% daily correction. A similar price drop for XRP has taken it below $2.4. More painful price drops are evident in companies like ADA, SOL, SUI, AVAX, LINK, SHIB, XLM, ICP, AAVE and many others.
This huge volatility and correction has wiped out over 200,000 traders in the last 24 hours. The total value of the positions destroyed amounts to almost half a billion dollars in the same period. The largest single position took place on Binance and was worth over $8 million.
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