Bitcoin
Crypto sees over $300 million in liquidations as Bitcoin and altcoins plummet
Bitcoin price fell below $61,000 on Monday as bearish pressure intensified, and as a result the market saw over $320 million in total liquidations in 24 hours.
With bulls unable to maintain key price levels As BTC traded lower, today’s drop shows buyers looking at a potential drop to the psychologically important $60,000 level.
The bloodbath is also visible across the altcoin market as Ethereum has failed to stay above the $3,300 level. Meanwhile, Solana, BNB, and XRP have lost significant portions of recent gains. Uniswap and Maker, which are down 12% and 9% in the last 24 hours, are the biggest losers among the top 50 coins by market.
Settlements reached more than US$320 million in the last 24 hours
As Bitcoin fell to over $62,000 on Monday, total liquidations in the crypto market surpassed $300 million.
With BTC below $61K and looking likely to add to losses, the annihilation of leveraged long positions has increased to over $324M. More than $286 million are long positions, while $36 million are short positions.
According to Coinglass datanearly $132 million of the settlements are for Bitcoin.
Longs represent the vast majority of rekt traders, with nearly $122 million in 24 hours, while liquidated short positions account for about $9.9 million. According to market data, more than $95 million in liquidated long positions occurred in the last 12 hours.
Overall, more than 85,440 traders were liquidated in the last 24 hours. The largest single liquidation order in this period, as of 12:30 pm ET on June 24, occurred on Binance – a burn of $15.36 million on the BTC/USDT pair.
Why did Bitcoin price drop drastically today?
On June 24, the administrator of the failed cryptocurrency exchange Mt. Gox announced that the long-awaited repayments to creditors will begin in July. With more than $9 billion in BTC on the defunct exchange earmarked for distribution, investor reaction to the news was swift and scathing.
Bitcoin price fell more than 5% following the news, breaking previous support levels as fears of potential selling pressure hit the market. The downward pressure also comes amid recent selling by a portfolio linked to the German government.
Earlier this year, German police seized around 50,000 BTC worth around $2.1 billion at the time.
Bitcoin’s gains in recent months have meant the coins’ total value has reached more than $3 billion. But data from Arkham Intelligence shows that the wallet recently sold a significant number of BTC, likely contributing to the selloff.
Miners also sold heavily, with data from IntoTheBlock showing around 30,000 BTC sold after the halving.