Crypto markets flipped from optimism to chaos on Friday as Bitcoin (BTC) tumbled sharply below $103,000, erasing gains from earlier in the day and leaving traders on high alert.
After starting the session strong near $106,500, bitcoin quickly reversed course, plunging lower during U.S. trading hours. By press time, BTC had recovered modestly to around $103,200, marking a 1.2% decline over the past 24 hours.
The sell-off spilled across other major tokens. Ethereum’s ether (ETH) suffered a swift 4.5% drop within just 90 minutes, hitting lows of $2,372 as trading volume soared to nearly 800,000 ETH—about eight times the usual hourly average, according to CoinDesk. Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all registered losses of between 3% and 5% over the same stretch.
The unexpected spike in volatility triggered an estimated $450 million in liquidations across crypto derivatives markets, data from CoinGlass shows. About $387 million of those losses stemmed from long positions—bets that prices would rise.
Despite lingering macroeconomic concerns like the ongoing conflict between Israel and Iran, no single catalyst was immediately pinpointed for bitcoin’s sharp drop. Meanwhile, traditional equity markets held relatively steady, with only mild declines in the S&P 500 and Nasdaq 100 indexes.
Bitcoin’s Ongoing Tug-of-War
Bigger picture, bitcoin remains locked in a sideways trading pattern, bouncing between $100,000 and $110,000, still shy of its all-time highs.
“The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn’t surprise me at all and underscores the overall indecision people and markets feel,” said James Toledano, Chief Operating Officer of Unity Wallet.
“The present BTC stalemate reflects a market caught between bullish long-term sentiment and short-term macroeconomic and geopolitical uncertainty,” he added.
