Bitcoin slumped under the $118,000 mark on Thursday, falling more than 3 percent in 24 hours after stronger-than-expected US inflation figures rattled investors and fueled more than $1 billion in liquidations across the crypto market.
The world’s largest cryptocurrency tumbled from $122,000 to an intraday low near $117,700, wiping out over 218,000 traders. Analysts said the breach of the $118,000 support level sparked a cascade of automated sell orders, amplifying losses and underscoring Bitcoin’s sensitivity to macroeconomic signals, particularly interest rate expectations.
At last check, Bitcoin traded near $118,864, down 2.5 percent on the day, with a market cap of $2.36 trillion and daily volume above $95 billion.
The downturn comes as attention shifts toward Bitcoin Hyper, a Solana-based Layer 2 project that has raised $9.6 million in a presale. Backers say the platform could extend Bitcoin’s utility by offering faster speeds and lower fees, even as BTC volatility shakes investor confidence.
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