Bitcoin is below 98 thousand dollars, 900 million dollars has been liquidated.

In recent days, Bitcoin's value has shown volatility. With Bitcoin price dropping below 98 thousand dollars, losses became inevitable for traders. Approximately 887 million dollars in leveraged long positions were wiped out, which is a significant indicator of the market's weak state.

The sharp sell-off in Asian markets also reflected in the cryptocurrency market, and Bitcoin fell below 98 thousand dollars for the first time since May. This drop not only pressured the price but also led to a significant wave of liquidations in high-leverage trades. Incoming data reveals that over 1 billion dollars in leveraged positions were liquidated in the last 24 hours, with 887 million dollars of that being created by long positions. Approximately 235 thousand investors lost their positions.

This challenge faced by the overall market has also affected other major altcoins like Ethereum. Ethereum was pulled down to 3,500 dollars with a loss of more than %8, while assets such as Solana, Cardano, XRP, and Dogecoin also experienced similar levels of value losses. Eyes are on how the selling pressure from Asian stock exchanges is reflecting on cryptocurrency assets.

One of the key factors accelerating this decline was the weak economic data from China. The country's industrial production fell from %6.5 to %4.9 year-on-year, while fixed asset investments showed a decline of %1.7 in the first 10 months of the year. This negative data created an immediate negative impact on Asian stock exchanges, increasing the selling pressure on cryptocurrencies. Additionally, the weakening expectations for the U.S. Federal Reserve to cut interest rates in December further reduced investors' risk appetite.

The drop of Bitcoin below 98 thousand dollars has made the 94 thousand dollars support critical in the short term. It is observed that the weakness in altcoins depends on whether the declines in the stock market will continue. It is important for investors to be cautious during this process and closely monitor market developments.