Another $700M Liquidations As Bitcoin (BTC) Drops to $61K, Altcoins Bleed

Cryptocurrency markets fell on Friday evening, and the same violent scenario was repeated again on Saturday.

The entire market has bled out, with another $200 billion leaving the space. Total liquidations rose to $700 million after $900 million last night.

Bitcoin against the dollar. Source: Trading View

Everything was going well for the underlying cryptocurrency until Friday evening, with the asset settling at around $70,000-$71,000. However, the situation changed after the US Federal Reserve's recent speeches that did not hint at any major changes in the central bank's monetary policy regarding interest rate cuts.

Within minutes, Bitcoin fell by five to six thousand dollars, reaching $65,000, leaving nearly $900 million in liquidations from nearly 300,000 traders.

While the market crash has also hurt other asset classes, such as Wall Street and gold, today's developments pertain only to cryptocurrencies, since it is an open market that never stops trading.

Bitcoin, for example, has regained some ground and is trading at around $67,000. However, it fell again, this time to a multi-week low of around $61,000 in the last few hours.

Altcoins have bled even more. Double-digit price losses are evident in almost all of them, including SOL, XRP, BNB, DOGE, SHIB, AVAX and many others.

The total market cap of cryptocurrencies has fallen by nearly $200 billion in one day and more than $400 billion since Friday morning.

These price fluctuations led to the liquidation of another 220,000 traders in the past 24 hours. The total value of the positions destroyed is $800 million in the same time frame. According to To Queenglass.

See also  GameStop and AMC shares rose after Roaring Kitty posts for the first time in 3 years

The latest price collapse appears to have paid off yet Tension mounts Between Israel and Iran.

Leave a Reply

Your email address will not be published. Required fields are marked *