BITCOIN FALLS BELOW $64K, TRIGGERING OVER $200 MILLION IN LIQUIDATIONS 

Bitcoin’s recent drop below $64,000 has resulted in significant financial losses, with over $200 million worth of liquidations occurring in a single day.

For several days, Bitcoin’s value hovered around $66,000, occasionally nearing $67,000, but these attempts ultimately failed. The decline inflicted severe losses on over-leveraged traders holding long positions, driving the daily total of liquidations above $200 million.

Altcoins have also significantly contributed to this downturn, experiencing even steeper declines than Bitcoin.

The past week was particularly tough for Bitcoin, as it dropped below $60,000 twice amid escalating tensions between Iran and Israel. However, after Iran announced it would not retaliate for the time being, Bitcoin’s price managed to recover, climbing back to around $65,000 following the completion of its fourth halving.

From there, Bitcoin’s value started to climb, reaching above $67,000 on Tuesday and Wednesday morning. However, the market resistance proved too strong, and the price quickly reversed, dropping to $64,500, and then dipping further to a multi-day low just below $63,600. Despite a slight recovery, Bitcoin’s price remains below the $65,000 mark.

This downturn has been even harsher for other cryptocurrencies such as Solana, Toncoin, Dogecoin, Avalanche, and Shiba Inu, which have seen declines ranging from 7% to 10%.

Given these substantial market drops, it is unsurprising that almost 100,000 traders, predominantly those with long positions, have faced heavy losses. According to CoinGlass, the total liquidation value reached just over $210 million over the past day.

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