Early Wednesday at around 2:00 AM Beijing time, the crypto market saw another sharp sell-off. Bitcoin broke below the $75,000 psychological level, hitting a low of $72,917, before recovering above $76,000, narrowing the 24-hour decline to 3.3%. Ethereum followed suit, dropping to $2,108 and later recovering to $2,270, also cutting its daily loss to 3.1%.
Long Positions Obliterated
According to CoinGlass data, a total of 172,059 traders were liquidated globally over the past 24 hours, with total liquidation volume reaching $758 million. Long positions accounted for approximately 72% of the liquidations, leaving traders who had opened longs near $75,000 once again forced out of the market. This marks the second major liquidation event within the week, reflecting extreme market fragility.
Outlook & Related Developments
Analysts suggest that Bitcoin found short-term support in the $72,000–$73,000 range, but a break below $70,000 could trigger more extensive selling. Meanwhile, Tether announced the launch of an open-source Bitcoin mining system named MiningOS, touted as free, backdoor-free, and independent of third parties. Cathie Wood, known as the “Woodstock of Crypto,” publicly urged investors to “swap gold for Bitcoin now,” predicting BTC could reach $150,000 by 2030. Galaxy Digital has also warned that Bitcoin may continue to slide toward $70,000.