Bitcoin Crashes Under $100K for First Time Since May, Liquidations Hit $1.3 Billion

The price of Bitcoin continued plunging Tuesday, falling below the $100,000 mark for the first time in six months. Other top coins are falling even harder alongside Bitcoin, driving $1.3 billion in liquidations over the past day.

Bitcoin touched as low as $99,954 on crypto exchange Coinbase and $99,990 per price tracker CoinMarketCap before slightly rebounding.

It recently traded at a price of $100,906, down nearly 6% on the day. The top cryptocurrency has fallen by 12% over the past week and 18% over the past month, diving after setting a new all-time high above $126,000 in early October.

The last time Bitcoin dropped below six figures was in early May.

Just 24 hours ago, when Bitcoin was priced around $107,000, Myriad users were mixed on whether Bitcoin was set to rise to a price of $120,000 or fall to $100,000. At the time, users predicted a roughly 44% chance of BTC rising to $120,000, though those odds crumbled in recent hours as Bitcoin fell.

Ethereum and other alts are falling harder alongside Bitcoin’s dive, with ETH showing a nearly 10% daily dive to below the $3,300 mark, with XRP falling 7.5% to $2.17, Solana dropping 8% to $154, and Dogecoin down about 7% to $0.157.

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Some $1.3 billion worth of positions have been liquidated over the past 24 hours from CoinGlass, outpacing the $1.1 billion tally seen Monday morning after previous losses. Over $1.1 billion of those came from long positions, or bets that the price of an asset will rise.

Bitcoin leads the liquidation pile with $470 million worth, followed by Ethereum at about $377 million.

Editor’s note: This story is breaking and will be updated with additional detail.