- Bitcoin drops below $68,000 in minutes.
- Over 75,000 traders liquidated, $170M in daily liquidations.
- Altcoins see significant losses, $80B wiped from market cap.
- Ethereum and Binance Coin experience substantial declines.
Bitcoin’s Sudden Decline
Bitcoin (BTC) faced a sharp drop last night, falling below the $68,000 mark within minutes, leading to the liquidation of over 75,000 traders. Despite attempting to breach the psychological resistance at $70,000, BTC was violently rejected, causing its price to tumble by over two thousand dollars within an hour. This drastic movement resulted in BTC hitting its lowest level since June 3, at $67,500, reducing its market cap to $1.335 trillion according to CoinGecko (CG).
The volatility began after a relatively quiet weekend, with Bitcoin’s price actions turning bullish on Monday afternoon. However, the bullish momentum was short-lived as the bears quickly took control, pushing the price downward and triggering widespread liquidations. In the past 12 hours alone, the total value of liquidated positions surged to $120 million, reaching $170 million on a daily scale.
Altcoins Bear the Brunt
The altcoin market did not fare any better, witnessing substantial losses and contributing to an $80 billion reduction in the total crypto market cap. Ethereum (ETH) dropped 3.5% in a day, falling to $3,560. Other major altcoins like Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Shiba Inu (SHIB), and Chainlink (LINK) also experienced significant declines.
Binance Coin (BNB), which was a top performer last week, saw a sharp 7% drop in the past 24 hours, bringing its price to under $620. The losses were even more severe for lesser-known tokens such as NOT (-19%), W (-15%), JASMY (-11%), and BRETT (-10%).
Interestingly, Ethereum was responsible for the largest liquidation event, with the single-biggest liquidated position worth over $6.5 million occurring on Binance. This highlights the extent of the market’s vulnerability and the rapid shifts in trader sentiment.