The ongoing price corrections in the crypto market have deepened over the past 24 hours, with Bitcoin (BTC) briefly plummeting below $100,000 while Ethereum (ETH) dropping to a four-month low. As a result, daily liquidations have topped $2 billion.
According to data from CoinMarketCap, Bitcoin’s price reached $99,100 on Tuesday, but the buyers quickly pushed it above $100,000. Still, BTC is down 11% over the past seven days and trades 19% below its all-time high (ATH) of $126,000 recorded at the start of October.
Ethereum, on the other hand, has shed 5.5% of its value today and changes hands for $3,285, a level it last saw in July. The second-largest cryptocurrency by market cap is down 17.8% this week and trades 33% below the ATH of $4,946 achieved on August 24, 2025.
Long Traders Get Rekted
All told, traders have lost at least $2 billion after getting liquidated in the latest downtrend. CoinGlass data shows that those who had opened long positions have suffered the most losses, accounting for $1.63 billion of the total daily liquidations.
While a $2 billion liquidation event is massive, it doesn’t measure up to the $19 billion worth of liquidations recorded on October 10 when the United States threatened China with new tariffs. Incyt CEO Mike Maloney claims that these liquidation events have made traders more conservative, hence the hesitation to inject fresh liquidity, which could enable Bitcoin and other top assets to recover.
Drivers of the Downtrend
So, what is fueling current price drops? Analysts have attributed the downtrend to hawkish comments from Fed Chair Jerome Powell. Last Wednesday, Powell told reporters that the Federal Reserve might not consider lowering interest rates during the next FOMC meeting scheduled for December.
Given that cryptocurrencies tend to thrive in a low-rate environment, Powell’s comments have likely pushed investors to reduce exposure to these risk-on assets.
How Are Top Altcoins Performing Today?
Like Bitcoin and Ethereum, most top cryptoassets by market cap are in the red. XRP, for instance, has plummeted 1.8% to $2.23 in the past 24 hours. Meanwhile, BNB, Solana, and Dogecoin are all down at least 1.5% to $944, $156, and $0.164, respectively.
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