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June 22, 2024
PI Global Investments

Bitcoin (BTC) Price Dumps Below $68K in Minutes, Liquidating Over 75K Traders

Bitcoin’s price tried to take down the coveted $70,000 level last night but was violently rejected and pushed back down by over two grand in an hour or so.

The altcoins have also turned red, triggering an $80 billion loss to the total crypto market cap. The total value of liquidated positions has risen to roughly $170 million on a daily scale.

CryptoPotato reported yesterday that BTC’s price actions were quite dull during the weekend, but Monday began on a more positive note. The afternoon was even more bullish for the asset as it attempted a charge against the psychological resistance at $70,000.

Despite briefly breaching that level, the bears were quick to intercept the move and didn’t allow a decisive victory. Just the opposite, BTC started losing value almost immediately and dumped by over two grand within an hour or so.

This culminated in a price drop to its lowest level since June 3 of $67,500. Its market cap has also plummeted to $1.335 trillion on CG.

Bitcoin/Price/Chart 11.06.2024. Source: TradingView

The alternative coins are in an even worse state. Ethereum has lost 3.5% on the day and is down to $3.560. Similar declines are evident from SOL, DOGE, TON, SHIB, and LINK.

Binance Coin, which was last week’s top performer, has dumped by more than 7% in the past 24 hours. As a result, BNB is down to under $620.

Even more painful declines come from the likes of NOT (-19%), W (-15%), JASMY (-11%), BRETT (-10%), and others.

The total value of liquidated positions in the past 12 hours is up to $120 million and $170 million on a daily scale. More than 75,000 traders have been wrecked within the same timeframe.

Interestingly, ETH is responsible for the largest piece of the pie and the single-biggest liquidated position involved ether as well. It was worth more than $6.5 million and took place on Binance.

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