Nearly $200 Million Liquidated as Bitcoin Slips Below $61,000

In a 24-hour turbulent trading session, the price of Bitcoin fell below $61,000, causing the cryptocurrency market to lose nearly $200 million in liquidations. This sharp drop triggered a wave of liquidations that affected many investors and traders.

Market Collapse and Cryptocurrency Liquidation

The overall market valuation fell about 2.7% to about $2.34 trillion, highlighting rising volatility and market stress.

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Bitcoin led the decline, dropping 1.3% over the week and plummeting 2.8% in the final day. This decline not only reduced the value of many investors’ portfolios but also caused huge losses for traders through liquidations.

BTC price is trading sideways on the 2-hour chart. Source: BTC/USDT Trading View

data Coinglass’ report highlighted the scale of the disaster, with 59,816 traders liquidated, with the total liquidation amounting to $170.72 million.

The liquidations were mostly from long positions, suggesting that many traders were expecting a market upswing. Bitcoin traders faced liquidations of around $45.76 million, while Ethereum and Solana traders faced liquidations of $44.55 million and $11.09 million, respectively.

Total liquidation of Bitcoin etc.
Full liquidation of Bitcoin and other currencies. | Source: Coin Glass

These liquidations took place on major exchanges such as Binance, OKX, Huobi, and Bybit, with traders on Binance suffering the most losses, totalling $74.77 million.

Other exchanges such as OKX, Huobi and Bybit also experienced significant liquidations amounting to $54.29 million, $19.28 million and $12.93 million respectively. Smaller exchanges also faced liquidations but were less affected.

Total liquidation amount from cryptocurrency exchanges.
Total liquidation volume from cryptocurrency exchanges. | Source: Coin Glass

Analysts’ thoughts on Bitcoin’s current performance

Despite the current downturn, some market analysts remain optimistic about Bitcoin’s prospects. PlanB, a respected figure in the cryptocurrency community, said: reconfirmation This indicates that the bull market is still ongoing and the underlying on-chain indicators do not show any anomalies that would indicate a prolonged bear market.

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Additionally, cryptocurrency analyst Ali recently suggested on Elon Musk’s social media account “X” that now may be a good time to buy Bitcoin in anticipation of a market recovery.

Additionally, Bitcoin enthusiast Samson Mow highlighted Bitcoin’s importance in addressing underlying economic issues, suggesting that fixing the monetary system could be key to a broader economic recovery.

His views highlight the potential for Bitcoin to not only recover but reach new heights in the financial world.

Featured image created by DALL-E, charts taken from TradingView

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