$1 Billion in Liquidations and Bitcoin Below $90,000: What to Expect Now?
- Why Did $1 Billion Vanish From Crypto Markets?
- Bitcoin and Ethereum: Breakdown or Fakeout?
- How to Dodge the Next Liquidation Wave
- FAQs: Your Crypto Crisis Handbook
The crypto market just witnessed a brutal shakeout, with over $1 billion in positions liquidated—$700 million of which were long bets. Bitcoin briefly dipped below $90,000, while Ethereum struggled under $3,000. Is this a temporary correction or the start of a deeper downturn? We break down the technicals, analyze Coinglass data, and explore how tools like Best Wallet can help traders navigate the chaos. Buckle up—it’s going to be a bumpy ride.
Why Did $1 Billion Vanish From Crypto Markets?
The past 24 hours felt like a scene from a financial horror movie. According to, Leveraged traders got obliterated as Bitcoin (BTC) and Ethereum (ETH) led a cascading liquidation event. Binance alone saw $50 million in long positions vaporize near the $91,100 support level. The culprits? A toxic mix of overleveraged longs and aggressive shorting—red candles dominated charts like warning flares.
Ironically, this bloodbath might be setting the stage for a violent rebound. As the BTCC research team noted, "Extreme liquidations often precede trend reversals—like a coiled spring." But with BTC erasing April’s gains and ETH hitting July 2024 lows, the spring looks dangerously tight.
Bitcoin and Ethereum: Breakdown or Fakeout?
BTC’s brief plunge under $90,000 marked its weakest performance since Q2. The drop wasn’t subtle—it wiped out months of progress in hours. ethereum fared worse, crumbling below $3,000 for the first time in 16 months. TradingView charts show both assets testing multi-month trendlines. If these fail, we could see:
- BTC targeting $85,000 (2024’s volume-weighted average price)
- ETH collapsing toward $2,600 (the 0.618 Fibonacci retracement)
Yet there’s a twist. Open Interest (OI) data fromreveals shorts are piling up at record rates. When everyone leans one direction, markets love to snap back. As one veteran trader quipped, "The market’s job is to inflict maximum pain—and right now, that means squeezing overconfident bears."
How to Dodge the Next Liquidation Wave
Between exchange hacks (looking at you,) and volatility spikes, security is non-negotiable. Enter—a Web3 solution blending 2FA/biometric access with built-in DEX and launchpad features. Its native $BEST token (currently in presale) aims to simplify self-custody while keeping assets trade-ready. Key perks:
| Feature | Benefit |
|---|---|
| Multi-chain support | Manage BTC, ETH, and DeFi tokens in one place |
| In-app trading | Swap assets without exposing private keys |
With $20 million already raised, Best Wallet’s timing couldn’t be better. As one user told me, "It’s like having a bank vault that also lets you gamble—safely."
FAQs: Your Crypto Crisis Handbook
How long will this downturn last?
Historically, liquidation events of this scale resolve within 2-3 weeks. Watch the $90K BTC and $3K ETH levels—reclaiming these could signal recovery.
Is now a good time to buy the dip?
Maybe. Dollar-cost averaging beats timing the bottom. As the BTCC team warns, "Never catch falling knives—wait for the bounce confirmation."
What’s the safest way to hold crypto now?
Hardware wallets or audited solutions like Best Wallet. Exchanges are riskier during volatility.
