Cryptocurrency prices plunged across the board. The price of bitcoin was pushed down to the low $100,000 range.
As of 8 a.m. on the 12th, on CoinMarketCap, a global coin price tracking site, bitcoin was at $103,046, down 2.73% from 24 hours earlier. Ethereum, the No. 2 by market cap, was trading at $3,426, down 4.07%. Solana was down 6.22% at $156, and Ripple was down 4.61% at $2.40, respectively.
The drop is seen as stemming from large-scale liquidations in the cryptocurrency derivatives market after the sharp fall in cryptocurrency prices, which dented investor sentiment. CoinMarketCap said there were $379 million in forced liquidations in the cryptocurrency derivatives market during the day. Forced liquidation means that in futures trading, when the value of collateral assets falls below a certain level, the exchange forcibly closes an investor's position.