what happened in crypto today

Today in the crypto market, there was a notable crash with significant price drops across major cryptocurrencies. Bitcoin fell from an intraday high of $122,456 to a low of $105,262, losing 6.83% and currently holding around $112,975. Ethereum dropped 12.15%, Binance Coin fell 9.87%, and XRP plunged 13.17%. This sharp decline triggered massive liquidations, wiping out about 96% of futures traders and causing widespread panic selling among spot holders. Despite the crash and panic, institutional investors seem to be quietly accumulating assets, reminiscent of patterns from past major downturns that led to strong recovery phases. Bitcoin remains above its 200-day simple moving average, indicating some underlying market resilience amid the volatility. The crypto market is currently experiencing intense selling pressure and thin liquidity, amplified by trading bots and algorithms, leading to a volatile environment for traders and investors today.