Advertise
Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- May 23, 2025 13:23 UTC
-
Why Is the Crypto Market Down Today?
Bitcoin price hit $112K before slipping to $108K as investors booked profits and sold.
Over 163,000 traders liquidated, losing $544 million amid intense market price swings.
Meanwhile, altcoins like Ethereum, XRP, and Solana fell harder, dropping up to 5% today.
The cryptocurrency market witnessed a surprising pullback of almost 3% even as Bitcoin (BTC) briefly hit an all-time-high price of $112k. Meanwhile, another cryptocurrency such as Ethereum, XRP, Solana & Dogecoin saw a drop of nearly 3% to 5%.
So, what’s driving this crypto market down?
Bitcoin’s Drop Starts the Slide
Bitcoin, the biggest and most popular cryptocurrency, saw its price fall by 2.6% in just 24 hours. After reaching $112K, it slipped to around $108,460. While this may not sound like a huge drop, it had a strong impact across the market.
What triggered this drop was profit-taking. Many investors who had bought Bitcoin earlier chose to sell once it hit the new high. This led to a wave of selling and brought prices down.
It’s a common move in the market when people want to secure their profits after a big rally.
Over $500 Million in Liquidations
The market drop also triggered massive liquidations. In the last 24 hours, over 163,000 traders lost their positions, adding up to over $544 million in total liquidations.Â
A single trade worth $9.5 million was liquidated on OKX. Long traders, who were betting on prices going up, lost over $400 million.
Altcoins Hit Even Harder
While Bitcoin dropped, other coins fell even more, Ethereum, the biggest altcoin dropped by 4.3% to $2,541. Meanwhile, XRP, Solana, Cardano, and Tron also faced losses between 1,% and 4%. These coins usually follow Bitcoin’s movement, and this time was no different.
Even memecoins like Dogecoin and Shiba Inu took a massive hit. Therefore, Dogecoin dropped by 3.9%, Shiba Inu by 3.5%, and a Trump-themed token fell sharply by 13%.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
Profit-taking is when investors sell their assets after a price surge to secure their gains, often leading to temporary market pullbacks.
Profit-taking by investors who bought Bitcoin at lower prices, selling after it hit a new high, triggered the price decline.
Altcoins, including Ethereum, XRP, Solana, Cardano, and even memecoins like Dogecoin and Shiba Inu, suffered larger drops (3%-13%) than Bitcoin.
Yes 
No 
