Bitcoin price crash: Silk Road Bitcoin sale fuel sell-off

Bitcoin’s price took a sudden dip below $100,000 on January 7, causing a major sell-off in the cryptocurrency market. The price dropped to $97,207, which triggered a wave of liquidations across crypto positions. According to Coinglass data, approximately $206 million worth of crypto assets were liquidated in just one hour, leading to a 4.5% decline in the total market cap, bringing it down to $3.44 trillion. Popular cryptocurrencies like Ethereum, XRP, and Solana also saw significant losses, each falling more than 5%.