Nearly $700 Million Liquidated as Bitcoin (BTC) Price Slumps to $67K
The alternative coins have tumbled just as badly, with double-digit losses from the likes of DOGE and SHIB.
After a few consecutive days of charting impressive gains and recording new ATHs, Bitcoin’s price has finally retraced in a violent fashion to a weekly low of $67,000.
The altcoins have also turned red, leading to almost 200,000 liquidated traders in the past 24 hours.
CryptoPotato reported BTC’s recent ascent that drove the asset from $61,000 to over $73,000 within ten days or so. The latest record came yesterday when the primary cryptocurrency neared $74,000 for the first time ever.
The alternative coins followed suit with multi-year records from the likes of Ethereum, which surpassed $4,000, SOL, which went as high as $180, and BNB, which soared past $600.
Such rallies are frequently followed by sharp retracements as some investors tend to cash out, and there were such warnings yesterday.
BTC first slumped to $70,000, but the bears kept pushing it south, and the asset tumbled all the way down to $67,000 hours ago, a level not seen in a week.
The altcoins are also deep in the red, with ETH and BNB dumping by 7% to under $3,700 and $575, respectively.
The most substantial losses from the larger cap alts come from Dogecoin (-12%) and Shiba Inu (-11%).
These adverse price movements have liquidated more than 190,000 traders, according to CoinGlass. The total value of wrecked positions is just shy of $700 million, with the single-largest taking place on OKX, which was worth over $13 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum Sees $48M Purchase From Trump-Endorsed Crypto Initiative: Future Predictions
World Liberty's Significant Ethereum Purchase: Increasing Treasury Holdings and Attracting Institutional Support
Will Q1 Trends Propel Ethereum Towards the $3500 Milestone?
Whale Accumulation, Q1 Market Trends, and Ethereum Foundation Shifts: Key Drivers for Ethereum's Potential Surge to $3500
SEC Appoints Hester Peirce to Cryptocurrency Task Force: The Bullish Development Everyone Expected Could Be Coming Soon
The SEC has appointed cryptocurrency advocate Hester Peirce to head its newly formed cryptocurrency task force. So what happens now?
Investment Giant BlackRock Continues Its Leadership in Both Bitcoin and Ethereum ETFs! Here Are the Details
Both Bitcoin and Ethereum continue to attract institutional capital, with spot exchange-traded funds reporting significant net inflows.