Bitcoin goes below $113,000 in sudden market drop

Bitcoin and other major cryptocurrencies fell in a brief, sharp move before partially recovering, according to market data. The cause of the drop is not immediately clear.

On Sunday, Bitcoin fell from a 24-hour high of $114,742 to as low as $111,060, a drop of about 3.2% within minutes, before rebounding to around $112,376, still down about 2% from the peak.

The decline also affected Ethereum, XRP, Solana, and Dogecoin, while stablecoins, which are designed to maintain a fixed value typically pegged to the U.S. dollar, remained largely unchanged.

There was no immediate indication of news or announcements that could explain the sudden drop.

Over the past week, Bitcoin climbed to $118,600 before retreating toward the $112,000 range, a move analysts say could reflect either a market correction after Friday’s rapid surge or the liquidation of long positions.

Cryptocurrency markets are known for rapid swings, and similar intraday selloffs followed by partial recoveries have occurred during periods of heavy trading or thin liquidity in the past.