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Tuesday, May 21, 2024

Bitcoin (BTC) Price Tumbles $6K, Liquidations Skyrocket to $500M in 1 Hour

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Bitcoin’s price failed to overcome the $71,000 level decisively today, and the subsequent rejection pushed the asset south hard, dumping to around $65,000.

The altcoins have suffered even more, with numerous double-digit losses from the likes of XRP, SOL, DOGE, TON, ADA, and many more.

BTCUSD. Source: TradingView

CryptoPotato reported earlier BTC’s attempts to overcome $71,000, which had little success. The bears managed to intercept the moves and pushed the cryptocurrency south to around $70,000.

However, that was just the beginning of Bitcoin’s red Friday. After a recent warning that the situation could worsen soon, the asset’s price plunged to a weekly low of around $65,000.

Although BTC has recovered some ground since then and now sits at around $67,000, it is still about 5% down on the day.

The alternative coins have charted even more violent price declines. Ethereum has shed 8% of its value and has plummeted to $3,230 as of now.

More pain comes from the likes of SOL, XRP, DOGE, TON, ADA, AVAX, BCH, SHIB, and DOT – all of those have dropped by double digits on a daily scale.

Overleveraged traders have felt these massive price fluctuations as the liquidations have skyrocketed to almost $500 million in the past hour alone. The 12-hour count is at over $800 million, according to CoinGlass.

Almost 300,000 traders have been wiped out in the past day. The single largest liquidated position was placed on OKX and was worth more than $7 million.

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