Bitcoin price falls to $62K
The week kicked off on a sour note for Bitcoin and its fellow digital currencies as the leading crypto asset took a dive from its perch above $64,000, sinking to a fresh several-week trough below $62,500.
Despite the day's liquidations remaining on the modest side at just over $130 million, the tally of traders left in loses has escalated to over 60,000.
The preceding week was a tough one for Bitcoin, shadowed by significant outflows from spot ETFs. The peak for the week arrived on Tuesday, with Bitcoin momentarily cresting at above $67,000, before succumbing to bearish forces that drove its value downwards.
The decline hit a nadir on Friday, dropping to $63,500. The weekend offered a brief respite, maintaining a steadier pace with Bitcoin hovering slightly above $64,000.
The downturn resumed with vigor during Monday's early trading hours in Asia, with Bitcoin shedding close to $2,000, dropping below the $62,500 marker—a level unseen since May 15.
Though there has been a slight recovery, Bitcoin’s value is still languishing, down nearly 3% for the day and 6% over the last week.
The situation looks bleaker for altcoins, particularly those in the meme coin category. FLOKI plunged over 12%, WIF by 12%, BRETT tumbled by 11.6%, PEPE by 11.3%, and BONK by 10% in a single day.
The cumulative market cap of all cryptocurrencies has faltered, shedding over $60 billion, with major altcoins like ETH, BNB, DOGE, TON, and ADA experiencing a dip of around 4% in their value.
According to CoinGlass figures, the total liquidations for the day are sitting at $135 million—a figure that is considered relatively small given the market’s usual turbulence. Meanwhile, the count of distressed traders has climbed to 64,463 within the same period.
