Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
At the time of writing, BTC is hovering just above that psychological threshold, trading near $100,900.
The drop comes amid a flurry of macro and political turbulence, including renewed trade tensions between the U.S. and China, a surprise public clash between Elon Musk and Donald Trump, and a sharp sell-off in major tech stocks—particularly Tesla.
The broader crypto market didn’t escape the fallout. In the past 24 hours, over $950 million in positions were wiped out, with a staggering $890 million in longs getting liquidated.
Bitcoin led the way with $337 million in liquidations, followed by Ethereum ($282M), Solana ($51M), Dogecoin ($27M), and XRP ($23M).
Altcoins—especially memecoins—were hit hardest, with several suffering double-digit percentage losses as volatility returned to the market in force.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.
Philippe Laffont, the billionaire behind Coatue Management, is beginning to question his stance on Bitcoin.
Personal finance author Robert Kiyosaki is urging investors to rethink their approach to money as digital assets reshape the economic landscape.