Bitcoin's price dropped to around $105,000, its lowest in months, sparking widespread liquidations across the cryptocurrency market. Over 290,000 traders saw their positions closed, resulting in more than $1 billion in losses in a single day, according to CoinGlass data. The sell-off affected major assets like Ethereum and Binance Coin, though smaller projects like Tapzi continued to attract investor interest.
The decline began earlier in the week when Bitcoin failed to hold above the $116,000 mark, leading to increased selling pressure. The price then fell below $110,000 before testing $105,000 as a potential support level. Analysts noted that a break below this could push it toward $100,000. The correction rippled through the market, with Binance Coin dropping over 12% to below $1,050, Ethereum losing about 6%, and XRP declining 7%. Mid- and low-cap tokens suffered even steeper losses.
This sell-off triggered massive liquidations, as traders rushed to cover leveraged positions amid risk-off sentiment. 'Altcoins are under pressure as liquidity continues to rotate back into Bitcoin and stablecoins amid risk-off sentiment,' said Wenny C, Chief Operating Officer at SynFutures. 'This latest dip reflects declining speculative appetite after last week’s macro data, thin order books amplifying volatility, and renewed uncertainty around regulatory headlines impacting smaller-cap tokens.' Market watchers expressed mixed views, with one trading note from Captain Faibik suggesting the 2024/2025 bull run might be over, predicting a 50% midterm correction.
Despite the broader downturn, the Tapzi presale on Binance Smart Chain progressed steadily, reaching over 50% completion at a price of $0.0035 per token, with a planned launch price of $0.01. The project, focused on skill-based Web3 gaming including chess, checkers, and rock-paper-scissors, allows players to stake tokens for matches verified on the blockchain. Its 20% token allocation for presale and 20% for liquidity, purchasable via ETH, BNB, USDT, and others, highlighted ongoing interest in utility-driven altcoins during volatility. Tapzi's roadmap includes a beta release by the end of 2025 and NFTs in Q2 2026.