On September 23rd, the global cryptocurrency market experienced significant volatility, with prices of major currencies plummeting across the board, triggering widespread investor liquidations. According to the latest data from Coinglass, over the past 24 hours, a total of 406,200 investors were forced to liquidate their positions, totaling $1.678 billion, which temporarily weighed on market sentiment.
During this market correction, major crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) all experienced significant declines. Long positions were the primary cause of liquidations, with losses totaling $1.595 billion, the vast majority of the total; short positions also suffered $83.4354 million in losses. By asset class, Ethereum-related positions saw the highest liquidation, reaching $477 million, followed closely by Bitcoin, with $282 million.
Market analysts indicate that this decline was not driven by a clear external event or negative policy impact, but rather was the result of a technical correction coupled with market sentiment. Bitcoin prices briefly dipped to a key support level of $111,900 per coin. This level, repeatedly tested but unbroken in recent months, has become a crucial psychological and technical reference point for the market. Notably, after reaching this support level, the price showed signs of stabilization and rebound, with some investors buying on the dip.
Despite increased short-term volatility, some institutions still view this correction as normal market behavior. Some analysts note that while Bitcoin is currently facing significant selling pressure, there is a lack of substantial negative catalysts, and the overall market correction primarily reflects a concentrated liquidation of leveraged positions. As prices find buying support at key support levels, the market is expected to gradually stabilize.
