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This week has been a rough start for the cryptocurrency market, with Bitcoin (BTC) falling back to $94,000 at one point. The market has seen a complete bloodbath, with $1.5 billion in crypto derivatives positions being liquidated as a result of BTC’s decline. Prices eventually recovered to briefly climb above $98,000 before falling slightly below $97,000 to its current price of $96,878. BTC’s sudden crash has rocked the cryptocurrency market, with other altcoins seeing even bigger drops.

While BTC has fallen nearly 3% in the past 24 hours, Ethereum (ETH) has plunged more than 6% after failing to break $4,000 and is currently trading just below $3,700. Ripple (XRP) fell more than 13% to its current price of $2.14. Meanwhile, Solana (SOL) fell more than 7% as bearish sentiment persisted, with its price dropping to $215. Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Avalanche (AVAX), Toncoin (TON), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), Uniswap (UNI), and Litecoin (LTC) also saw significant declines, all posting double-digit losses. The cryptocurrency market cap fell sharply, dropping nearly 6% to $3.44 trillion.

Crypto Markets Take a Bum

Bitcoin (BTC) suddenly took a nosedive, with its price dropping to $94,000. While the price has recovered somewhat, it is still struggling to regain its footing above $97,000 and is currently trading at around $96,700. BTC’s fall had a knock-on effect on the market, with prominent altcoins seeing even bigger declines. Sellers still dominated as Ethereum (ETH) fell more than 6% and Ripple (XRP) dropped a staggering 13%. Dogecoin (DOGE), Polkadot (DOT) and other altcoins also plunged as crypto markets fell across the board.

Crypto derivatives markets were also hit hard, leaving them stunned. More than $1.5 billion in long and short positions were wiped out, according to Coinglass. Of that, $1.38 billion was in long positions, with the bloodbath affecting 514,384 traders as major altcoins took the bulk of the losses. The plunge was a stark reminder of the inherent volatility of the crypto ecosystem, where rapid price swings can wipe out gains and significantly amplify losses in a matter of minutes.

El Salvador scales back Bitcoin (BTC) ambitions

El Salvador is close to a $1.3 billion loan deal with the IMF. However, it must change its use of BTC as legal tender and reduce the government deficit. An IMF team is already in El Salvador to finalize the deal with Nayib Bukele’s government. The deal will receive $1 billion each from the World Bank and the Inter-American Development Bank. The loan will allow El Salvador to return to the international financial arena after years of isolation following its adoption of BTC as legal tender. The IMF strongly opposed the move, saying it endangers financial stability and integrity, and urged Bukele’s government to stop accepting cryptocurrencies as legal tender. Under the terms of the deal with the IMF, El Salvador will voluntarily let businesses accept BTC as a form of payment. It will also commit to reducing its budget deficit by three percentage points of GDP through spending cuts and tax increases. It will also have to pass an anti-corruption law and increase reserves from $11 billion to $15 billion.