Bitcoin Falls Below $97,000 – Over $250 Million Were Liquidated in the Past Hour

After a great start to december, the cryptocurrency market is starting to cool-off as we are witnessing major liquidations across the board.

At the time of writing, Bitcoin is trading at $96,380 after dropping 3.15% in the past 24 hours with its volume reaching around $89.5 billion. The top cryptocurrency’s market cap is currently valued at $1.914 trillion.

In the past hour alone, over $220 million were liquidated from the cryptocurrency market – $251.5 million in long positions and $2.58 million in shorts.

This brings the total liquidations to $826 million in the past day (over $725.66 million in longs with BTC accounting for $95.74 million,) according to data from CoinGlass.

The 1-day technical analysis from TradingView has shifted significantly in the past couple of days with the summary showing “neutral” at 10, moving averages pointing to “buy” at 9, while oscillators show “sell” at 2.

The total cryptocurrency market cap declined 4.84% and currently stands at $3.5 trillion. The 24-hour trading volume also surged by 58% to $237 billion.

The biggest loser during this period is the popular Solana-based memecoin Popcat (POPCAT). The altcoin lost 16.8% of its valuation and is currently trading at $1.25. Virtuals Protocol (VIRTUAL) also dropped 15.42% and is trading at $1.45.