Almost $500M in liquidations as Bitcoin plunged to $64K
Bitcoin experienced significant price swings on Monday, particularly in the evening hours, plunging to a fresh low for the month at $64,000.
The market for other cryptocurrencies echoed this instability, with a series of sharp falls, leading to the liquidation of 190,000 traders within a 24-hour period.
Over the weekend, Bitcoin traded quietly, hovering around the $66,000 mark. The commencement of Monday saw a sluggish start for the coin, but momentum picked up as the day progressed.
The price surged to a recent high of slightly above $67,200, before a bearish takeover ensued, prompting a significant drop in its value.
In just a few moments, the value of bitcoin dipped by more than $3,000, touching a new low since May 15 of $64,000. It has since recovered slightly, now trading near $66,000.
Similarly, alternative cryptos witnessed notable declines. SHIB and DOGE, despite regaining some losses, remain about 10% lower than their previous day's standings. Other cryptocurrencies like SOL, AVAX, LINK, ADA, and DOT have seen their values decrease by 7-9%.
ETH took a hit, descending to $3,450 after a drop to $3,330 earlier in the day. The downswing was paralleled by declines in NEAR, UNI, MATIC, WIF, FIL, FET, among others.
This heightened volatility inflicted considerable losses on traders utilizing high leverage, with over 190,000 of them facing liquidations in the last day alone. The accumulated value of these liquidated positions exceeded $480 million in the same period.
The most significant individual liquidation occurred on Binance, involving an ETH/USDC trade worth $6.44 million, as reported by CoinGlass.
