Why is the Crypto Market Down Today? Total Long Liquidations Tops $1.1B

**Crypto Market Experiences Major Correction as Bitcoin Drops Below $109K Amid $1.1B Liquidations**

The cryptocurrency market faced significant volatility Thursday, with the total market capitalization plummeting over 4.2% to approximately $3.8 trillion during North American trading hours. Bitcoin (BTC), the leading digital asset, declined more than 3% in 24 hours, touching a session low of $108,787 before recovering to around $109,693.

This sharp cryptocurrency correction triggered massive long liquidations exceeding $1.1 billion, highlighting the volatile nature of digital asset markets. The widespread selling pressure affected major cryptocurrencies across the blockchain ecosystem, impacting both institutional and retail investors.

Market analysts attribute the downturn to profit-taking activities and leverage unwinding as Bitcoin approached psychological resistance levels. The cryptocurrency market's rapid price movements demonstrate the continued high-risk, high-reward nature of digital assets, particularly affecting DeFi protocols and altcoin valuations.

Despite the bearish sentiment, many crypto traders view this correction as a healthy consolidation phase following Bitcoin's recent rally toward six-figure valuations, presenting potential buying opportunities for long-term cryptocurrency investors.