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Saturday, May 18, 2024

Nearly $700 Million Liquidated as Bitcoin (BTC) Price Slumps to $67K

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After a few consecutive days of charting impressive gains and recording new ATHs, Bitcoin’s price has finally retraced in a violent fashion to a weekly low of $67,000.

The altcoins have also turned red, leading to almost 200,000 liquidated traders in the past 24 hours.

CryptoPotato reported BTC’s recent ascent that drove the asset from $61,000 to over $73,000 within ten days or so. The latest record came yesterday when the primary cryptocurrency neared $74,000 for the first time ever.

The alternative coins followed suit with multi-year records from the likes of Ethereum, which surpassed $4,000, SOL, which went as high as $180, and BNB, which soared past $600.

Such rallies are frequently followed by sharp retracements as some investors tend to cash out, and there were such warnings yesterday.

BTC first slumped to $70,000, but the bears kept pushing it south, and the asset tumbled all the way down to $67,000 hours ago, a level not seen in a week.

BTCUSD. Source: TradingView

The altcoins are also deep in the red, with ETH and BNB dumping by 7% to under $3,700 and $575, respectively.

The most substantial losses from the larger cap alts come from Dogecoin (-12%) and Shiba Inu (-11%).

These adverse price movements have liquidated more than 190,000 traders, according to CoinGlass. The total value of wrecked positions is just shy of $700 million, with the single-largest taking place on OKX, which was worth over $13 million.

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