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Really, 519, 312, 203
Bitcoin suddenly fell below $92,000, with more than $2 billion in liquidations in 24 hours.
Long position liquidations accounted for the majority, reaching $1.766 billion, with the most severe being a single ETH long position of over $25 million on Binance that was completely liquidated.
This wave of plummet has three main reasons.
The first is that the domestic AI model DeepSeek suddenly became popular, surpassing ChatGPT in downloads and rising to the top of the US App Store charts.
This model, which was developed for just $6 million, directly challenges the AI industry’s logic of "you have to burn money to achieve results," leading to a significant drop in tech stocks, which in turn impacted the cryptocurrency market.
The second reason is that the Trump administration has begun to impose large-scale tariffs, levying a 25% tariff on Canada and Mexico, a 10% tariff on China, and also planning to target the European Union.
This atmosphere of a trade war has made the market worry about an economic recession, causing Bitcoin to briefly drop to $91,000. However, some analysts believe that in the long run, tariff policies may actually weaken the dollar, which could be beneficial for Bitcoin prices.
The third negative factor is that El Salvador has canceled Bitcoin's status as legal tender.
Although they are still continuing to buy Bitcoin, recently increasing their holdings to 6,055 coins, this policy shift has still brought some negative impact to the market.
Going to buy a pack of cigarettes 🚬, going downstairs... replenish! $BTC
Bitcoin suddenly fell below $92,000, with more than $2 billion in liquidations in 24 hours.
Long position liquidations accounted for the majority, reaching $1.766 billion, with the most severe being a single ETH long position of over $25 million on Binance that was completely liquidated.
This wave of plummet has three main reasons.
The first is that the domestic AI model DeepSeek suddenly became popular, surpassing ChatGPT in downloads and rising to the top of the US App Store charts.
This model, which was developed for just $6 million, directly challenges the AI industry’s logic of "you have to burn money to achieve results," leading to a significant drop in tech stocks, which in turn impacted the cryptocurrency market.
The second reason is that the Trump administration has begun to impose large-scale tariffs, levying a 25% tariff on Canada and Mexico, a 10% tariff on China, and also planning to target the European Union.
This atmosphere of a trade war has made the market worry about an economic recession, causing Bitcoin to briefly drop to $91,000. However, some analysts believe that in the long run, tariff policies may actually weaken the dollar, which could be beneficial for Bitcoin prices.
The third negative factor is that El Salvador has canceled Bitcoin's status as legal tender.
Although they are still continuing to buy Bitcoin, recently increasing their holdings to 6,055 coins, this policy shift has still brought some negative impact to the market.
Going to buy a pack of cigarettes 🚬, going downstairs... replenish! $BTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.