After cresting at an impressive $102,760 per coin, the preeminent cryptocurrency, bitcoin (BTC), has precipitously fallen beneath the $100,000 threshold, reaching a nadir of $97,124 per unit.

Bitcoin Below $100K, Liquidations Liquidate Hopes

Tuesday proved to be a tumultuous day within the realm of digital currencies, with the aggregate market capitalization plummeting by 4.67% to a low of $3.43 trillion.

Bitcoin experienced a decline of 4.16% within the past 24 hours, bottoming out at $97,124 per coin by 10:45 a.m. Eastern Time. Ethereum, in contrast, diminished by 6.75% relative to the U.S. dollar, settling at $3,458 per coin. Ether emerged as the most significant casualty among the top ten cryptocurrencies.

This downturn precipitated a massive purge in the crypto derivatives markets, where approximately $389.08 million in positions vanished. Of this total, $331.22 million were optimistic bets, with $59.62 million of that sum specifically linked to BTC long positions.

Over the past day, data from coinglass.com reveal that 131,967 traders faced liquidation.