Bitcoin has just shocked the world when it dropped from a peak of $124,474 to $115,000 in less than 24 hours around 10:45 AM today (Vietnam time). This shocking drop wiped out tens of billions of USD in market capitalization, causing the entire altcoin market to sink into a sea of red. ETH, XRP, SOL, and a series of top coins all plummeted by 10–25%, with liquidity on exchanges exploding.
The cause is believed to stem from a wave of profit-taking after BTC set an ATH, combined with global political tension and concerns about macroeconomic policies, causing market sentiment to shift from FOMO to panic. Coinglass data shows that in just the past 24 hours, more than 140,000 long positions have been liquidated, with total losses approximating $500 million, primarily affecting the altcoin group. Whales are thought to have also taken the opportunity to sell off heavily to accumulate at lower price levels.
This development shows that the crypto market is still fraught with unpredictable volatility. If BTC can hold the $115K mark, there is a basis for a recovery to the $120K range in the short term. But if it breaks through this support, a scenario of dropping further to $110K–$112K could completely happen, and at that point, altcoins will certainly plunge even deeper.
☠️ The burning question raised for the community right now: Is this just a shakeout to shake off weak hands, or is it a signal for a major correction coming soon? Will you catch the bottom, take profits, or stand aside to observe?
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