Bitcoin Unexpectedly Dips Below $118K Amid Rising Liquidations Close to $1B

Bitcoin's value recently plummeted from over $121,000 to under $118,000, impacting other cryptocurrencies which also experienced sharp declines. This sudden turn of events has affected over-leveraged traders, with the total value of liquidated positions nearing $1 billion. Earlier in the day, Bitcoin had achieved a new all-time high of over $124,500, but the market later shifted, with a steep drop pushing the cryptocurrency below $118,000.

Despite recovering slightly, Bitcoin's current price is still around $5,000 off from its peak. Various altcoins have also suffered, with ETH, XRP, SOL, DOGE, and ADA all experiencing a 2-3% drop in the last hour. Despite positive news regarding peace talks between Russia and Ukraine, liquidations have soared to over $930 million daily, with $460 million occurring within the past few hours.