700 MILLION LIQUIDATED, BITCOIN FALLS TO $67K 

The drop in Bitcoin’s price to a weekly nadir of $67,000 follows days of recording new all-time highs (ATHs), with the crypto market experiencing a sharp decline. This downturn has equally affected altcoins, with significant losses for cryptocurrencies like DOGE and SHIB, which have seen their values plummet by double-digit percentages.

Following a period of remarkable growth, where Bitcoin surged from $61,000 to beyond $73,000 in approximately ten days, the leading cryptocurrency faced a drastic pullback. Just yesterday, Bitcoin was on the brink of reaching $74,000 for the first time. However, a subsequent sell-off has seen its value plummet.

Cryptocurrencies such as Ethereum, SOL, and BNB had previously hit multi-year highs, with Ethereum crossing the $4,000 mark, SOL reaching up to $180, and BNB surpassing $600. These surges often precede significant sell-offs, as investors choose to liquidate their holdings for profit, a trend that was anticipated yesterday.

Bitcoin’s price initially dipped to $70,000 before further declining to $67,000, marking its lowest point in a week. This price drop has led to significant losses among other cryptocurrencies, with Ethereum and BNB’s values decreasing to below $3,700 and $575, respectively.

The market’s downward trend has been particularly harsh on larger cap altcoins, with Dogecoin and Shiba Inu recording losses of 12% and 11%, respectively. This wave of sell-offs has resulted in the liquidation of nearly 190,000 traders over the last 24 hours, as reported by CoinGlass, culminating in a total loss close to $700 million. The largest single liquidation occurred on OKX, amounting to over $13 million.

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