Bitcoin hits record high, then drops $5,000 in 24 hours
Bitcoin just hit a fresh all-time high at $124,480, but dropped 2.3% to $119,186 within 24 hours.
This sudden fall was driven by heavy selling and over $1 billion in leveraged liquidations—basically, lots of traders got wiped out fast.
Bitcoin's price drop explained
US Treasury Secretary Scott Bessent said there are no immediate plans for more government Bitcoin buys, although the department is still exploring budget-neutral options to acquire Bitcoin.
Surprising US economic data cooled hopes for lower interest rates. That combo triggered a bearish mood across crypto: long positions lost $866 million (with Bitcoin alone at $177 million), ETFs saw nearly $293 million flow out, and major altcoins like Dogecoin and Solana also took hits.
Despite all this drama, Bitcoin futures suggest leverage is still steady—so everyone's watching what the Fed does next.