BITCOIN’S $2K DROP SPARKS $200M LIQUIDATIONS 

More than $200 million worth of Bitcoin (BTC) positions were liquidated as the cryptocurrency experienced a significant price drop, wiping out nearly $2,000 in value per coin. This resulted in the liquidation of over 60,000 traders within the span of a single day.

Bitcoin had been on an upward trajectory, breaking through the crucial $50,000 mark just the day before. However, this positive momentum was short-lived as the market experienced a notable correction.

Following a relatively quiet weekend where Bitcoin hovered around the $48,000 mark after a surge from $43,000, the start of the week saw a minor dip in price. However, this downturn was quickly seized upon by bears, reversing the trajectory of the cryptocurrency.

Bitcoin managed to climb again, reaching a high above $50,000, marking its highest price in over two years. Despite this bullish trend, there were warnings of a potential rejection given the possibility of investors cashing out profits at this level.

These concerns materialized as Bitcoin swiftly dropped by nearly $2,000 within the span of an hour, subsequently struggling to regain its footing. As a result of this sharp decline, many traders who had overleveraged themselves faced liquidation.

In total, approximately 65,000 traders were liquidated within the past day, leading to a collective loss of more than $210 million in positions. The largest single liquidation event occurred on Binance, involving the trading pair ETH/USDT, with a position worth $4.7 million, according to data from CoinGlass.

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