Over $220 Million in Liquidations as Bitcoin (BTC) Plummets Toward $63K

Bitcoin’s price actions took a violent turn from yesterday’s quietness as the asset plunged by more than three and a half grand to $63,300.
The alternative coins have followed suit, and the total value of liquidated positions has skyrocketed to almost $230 million on a daily scale.
The start of the business week was quite positive for the primary cryptocurrency as the bulls drove it to its highest price tag since early June of $70,000.
However, the asset had little luck there and was quickly rejected. The retracement drove it south hard, and BTC found itself slipping under $65,500.
It managed to recover some ground yesterday and remained relatively quiet at around $66,800. Yet, the bears regained control once again in the past few hours and pushed it to a two-week low of $63,300 (on Bitstamp).
Despite bouncing off and currently trading close to $64,000, bitcoin is more than six grand away from its Monday top and is 2.5% down in the past 24 hours alone.
Bitcoin/Price/Chart 01.08.2024. Source: TradingView
The alternative coins are in an even worse state, with massive declines seen from WIF (-11%), RUNE (-7.5%), MNT (-7.3%), BONK (-7%), and ENS (7%).
The biggest losers from the larger-cap space include SOL (-6%), XRP (-5%), ADA (-4%), ETH (-3.5%), and DOGE (-3.5%).
Data from CoinGlass shows that nearly 70,000 traders have been wrecked in the past day due to this enhanced volatility. Interestingly, more ETH positions have been liquidated than BTC ($62 million vs. $61.5 million, respectively).
Overall, the total value of liquidated positions sits at $227 million as of writing these lines.
The post Over $220 Million in Liquidations as Bitcoin (BTC) Plummets Toward $63K appeared first on CryptoPotato.