Bitcoin surged above the $100,000 price point for the first time late Wednesday and continued to climb past $103,000, remaining above the milestone mark into Thursday—but it has finally dropped back into five figures.
As of the time of writing, BTC is currently trading for $98,969, falling from an all-time high of $103,679 as the leading cryptocurrency bounced around above the $100,000 mark in recent hours.
According to data from CoinGlass, some $199 million worth of Bitcoin futures positions have been liquidated over the last 24 hours, including nearly $127 million in shorts (bets on the price falling) and about $72 million worth of long positions (bets that BTC will rise in price).
In the last hour alone, $23 million worth of Bitcoin longs have been liquidated. Overall, $611 million worth of positions have been liquidated across all crypto assets in the last day.
Despite the dip, Bitcoin remains up nearly 4% over the past week, and 41% in the last 30 days. It has continued to push to new all-time high prices after breaking the months-long mark of $73,737 on Election Day last month.
The recent surge in prices for Bitcoin and other cryptocurrencies has largely been attributed to Donald Trump’s win of a second term in the White House, given his pro-crypto campaign and various promises made towards the industry. On Thursday, he took credit for the surge above the $100K milestone mark.
“Congratulations Bitcoiners,” Trump said in a Truth Social post. “$100,000!!! You’re welcome!!! Together, we will make America great again!”