The cryptocurrency market has experienced significant volatility in the past 24 hours, with total market capitalization dropping 3.83%. This decline has caused nearly 1 billion USD in cryptocurrency liquidations, primarily from long positions. Despite the sudden drop, investors continue to buy in as stock prices fall, indicating strong confidence in the market's long-term direction.

Data from BeInCrypto Markets shows that the total cryptocurrency market capitalization has reached 3.86 trillion USD, with all major coins declining. Among the top 10 coins, Solana (SOL) is the worst performer, down 10.75%.

Furthermore, Bitcoin (BTC) has dropped below the 110,000 USD threshold and is trading at 109,801 USD, down 3.11% from yesterday. Ethereum (ETH) has faced a significant decline.

This altcoin has dropped below 4,500 USD, down to 4,393 USD, marking a decrease of 7.29% compared to the same period. ETH has now fallen 11.1% from its all-time high reached on Sunday.

In the context of this market decline, cryptocurrency liquidations have surged. According to data from Coinglass, there were 207,102 traders liquidated in the past 24 hours, with a total liquidation value of 942.72 million USD. Of that, 832 million USD came from long positions. The largest liquidation was recorded on HTX, related to a BTC-USDT transaction worth 39.24 million USD.

Ethereum recorded the highest liquidation at 322.85 million USD, including 279.79 million USD from long positions. Bitcoin ranked second with a total liquidation value of 264.73 million USD.

The main factor causing recent market volatility appears to be the sudden collapse of Bitcoin, due to a "whale" selling a large amount of BTC it held.

Meanwhile, renowned economist and Bitcoin critic Peter Schiff commented on this decline, noting that the drop in BTC prices is causing concern.

"Bitcoin just dropped below 109,000 USD, down 13% from its peak less than two weeks ago. With all the excitement and buying activity from companies, this weakness is concerning. At least, the drop will decrease to around 75,000 USD, just below MSTR's average price. Sell now and buy back at a lower price," Schiff posted.

However, investors seem unaffected by Schiff's warnings, with buying sentiment during price drops still strong across the market. Lookonchain, a blockchain analysis firm, reported that a cryptocurrency "whale" (bc1qgf) purchased 455 BTC worth nearly 50.75 million USD.

The company stated: "Since July 18, he has purchased 2,419 BTC (280.87 million USD) at an average price of 116,104 USD - currently suffering a loss of over 16 million USD."

Lookonchain notes that an OTC "whale" trading in the opposite direction (0xd8d0) invested 99.03 million USDC (USDC) to purchase 10,000 ETH worth nearly 43.67 million USD and 500 Bitcoin worth approximately 54.99 million USD.

Additionally, BitMine Immersion, the largest public holder of ETH, has added another 4,871 ETH to its portfolio. Currently, the company holds 1,718,770 ETH, worth 7.65 billion USD.

Finally, a "whale" address (0x4097) has re-emerged after four years of silence, withdrawing 6,334 ETH worth 28.08 million USD from Kraken. Thus, this buying wave indicates that some market participants view the current drop as an opportunity rather than a long-term threat.

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