- As bearish pressure increased, the price of bitcoin broke below $61,000 on Monday.
- As a result, the market saw liquidations totaling over $320 million in a single day.
Buyers are facing a possible decline to the psychologically significant $60,000 level following today’s slide in Bitcoin, as bulls were unable to hold key price levels as the cryptocurrency went down.
The devastation is also evident in the altcoin market, as Ethereum was unable to maintain its position above $3,300. Solana, BNB, and XRP, however, all lost sizable portions of their recent gains.
Out of the top 50 currencies by market share, Uniswap and Maker have lost the most in the last 24 hours, falling 12% and 9%, respectively.
Over $320 million has been liquidated in the last 24 hours.
On Monday, when Bitcoin fell below $62,000, the total amount of liquidations in the cryptocurrency market exceeded $300 million.
The destruction of leveraged longs surged to more than $324 million as Bitcoin dropped below $61,000 and appeared to be continuing its downward trend. There are more than $286 million long positions and only $36 million short ones.
Based on Coinglass data, around $132 million of the liquidations are for Bitcoin.
At about $122 million in a single day, long holdings make up the great bulk of rekt traders, while liquidated short positions make up roughly $9.9 million. More than $95 million of the liquidated longs had occurred in the last 12 hours, according to market statistics.
In the last 24 hours, almost 85,440 dealers have been liquidated overall. As of 12:30 PM ET on June 24, the highest single liquidation order during this period happened on Binance, where a $15.36 million burn on the BTC/USDT pair took place.
Why did the price of Bitcoin drop so much today?
The much-anticipated creditor payments will start in July, according to a statement made on June 24 by the trustee of the now-defunct cryptocurrency exchange Mt. Gox.
The announcement quickly caused an uproar among investors, as the collapsed exchange had almost $9 billion in Bitcoin that was designated for distribution.
Following the news, the price of bitcoin fell more than 5%, smashing through support levels as concerns about a possible sell-off put pressure on the market. The recent selling by a wallet connected to the German government coincides with the downward pressure.
German authorities seized about 50,000 Bitcoin earlier this year, which was valued at about $2.1 billion at the time.
Because to its recent advances, the worth of all Bitcoins has surpassed $3 billion. However, Arkham Intelligence data indicates that a sizable portion of BTC had lately been sold off from the wallet, most likely as a result of the sale.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
