TradingKey – Over 140,000 traders liquidated in crypto market as BTC drops for fourth straight day to test $78,000 level; altcoins crash.
On September 10, the cryptocurrency market experienced a new round of sharp pullbacks. Among them, Bitcoin (BTC) logged a four-day losing streak, falling 0.66% today to approach the key round-number support at $78,000, while Ethereum (ETH), XRP (XRP), and Solana (SOL) among other major tokens fell about 2%, while altcoins such as UNI, ARB, WLD, and TRUMP plunged by over 10%.
Led by Bitcoin’s decline, altcoins suffered broad-based, sharp losses, dealing a heavy blow to long positions in the derivatives market and triggering large-scale liquidations of leveraged capital across the network. Over the past 24 hours, 142,000 people were liquidated, with total liquidations reaching $388 million, of which long liquidations accounted for $272 million, or as high as 70%.
Crypto market liquidation data, Source: CoinGlass
The core drivers behind this round of sharp crypto pullbacks are macro risk aversion and surging crude oil prices. This morning, geopolitical tensions pushed up international crude oil prices, with Brent crude (UKOIL) briefly surging past $100 per barrel, reigniting market concerns over sticky inflation and the Federal Reserve’s (Fed) rate path, which dampened risk asset appetite. In addition, U.S. tech and semiconductor stocks weakened yesterday while 10-year U.S. Treasury yields remained high, causing a marginal liquidity tightening that triggered spillover selling pressure in the crypto market.
Currently, market liquidity is highly concentrated in Bitcoin and major assets. Lacking sufficient buying support, altcoins typically experience larger pullbacks when market volatility amplifies, and in the short term, a rebound opportunity will emerge only after BTC stops falling and forms a base. The $78,000 level currently serves as Bitcoin’s first strong psychological and technical support level; if breached further, the $75,000–$76,000 range below will become the bulls’ line of defense.
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