Bitcoin\u2019s price took an unexpected turn for the worse minutes ago as it dumped from over $121,000 to under $118,000.<\/p>\n
The altcoins have it even worse, with more painful declines that have harmed over-leveraged traders, as the total value of wrecked positions surges toward $1 billion.<\/p>\n It has been quite the day for the primary cryptocurrency. Recall that just hours ago, the asset flew<\/a> to a new all-time high, surpassing $124,500 for the first time ever.<\/p>\n However, it dropped<\/a> by a few grand later during the day and calmed at around $121,000. In the past 10-15 minutes, though, the bears suddenly took complete control of the market, pushing bitcoin below $118,000 in a violent red candle.<\/p>\n BTC bounced off almost immediately and now sits a grand and a half higher, but it\u2019s still $5,000 away from the new peak charted earlier today.<\/p>\n The altcoins have followed suit with painful declines from the likes of ETH, XRP, SOL, DOGE, and ADA \u2013 all of which have dropped by 2-3% in the past hour alone.<\/p>\n The most notable news that came out in the past few hours is somewhat bullish, so that\u2019s probably not the reason behind the crash. After all, Putin said<\/a> the US is actively pursuing peace between Russia and Ukraine and even hinted at a possible nuclear deal.<\/p>\n What could have had a bigger negative impact on BTC\u2019s price is actually the wholesale inflation data that came out earlier today. According<\/a> to CNN, the surge was the highest in over three years.<\/p>\n Nevertheless, the liquidations have skyrocketed to over $930 million on a daily basis. Moreover, they are close to $460 million in the past hours alone. CoinGlass data shows that 207,000 traders have been wrecked in the past day.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n![\"Liquidation](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2025\/08\/BTCUSD-10.png\")
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