Bitcoin Nosedives 5%, Liquidations Snowball to $300M as 91K Traders Lose Positions

In a sudden, unexpected development on a seemingly serene Monday morning, Bitcoin succumbed to yet another nosedive, shedding about 5% of its value to settle precariously at the $61,000 benchmark.

Bitcoin**Price**Nosedives, Triggering **$300 Million in Crypto** Liquidations

In a sudden, unexpected development on a seemingly serene Monday morning, Bitcoin succumbed to yet another nosedive, shedding about 5% of its value to settle precariously at the $61,000** benchmark. This drastic turn of events has startled investors, triggering a formidable surge of liquidations that quickly snowballed toward a staggering **$300 million within a mere 24-hour timeframe.

According to the most recent data collated by Coinglass, tens of thousands of cryptocurrency traders woke up to a grim reality–their leveraged positions had been swept away in a tempest arising from the prevailing Bitcoin crash. An alarming decline in the cryptocurrency market triggered a rampant wave of liquidations amounting to losses in hundreds of millions. A comprehensive tally revealed a chilling statistic: over 91,000 traders had inadvertently parted ways with their positions, culminating in a massive fallout of just over $282 million.

With the ongoing Bitcoin and cryptocurrency market volatility, a significant majority of these liquidations–ironically a whopping 91.59%–was shouldered by long traders. Ordinarily, with the profound market influence commanded by Bitcoin, the cryptocurrency giant has unfortunately shouldered the brunt of the liquidation volumes, bearing a hefty $103** million outlay. Hot on its heels, **Ethereum** stepped into claim the second place with **$64 million, followed by Solana holding the third position with $13** million. Collectively, liquidations from this trifecta have surpassed the **$38 million mark.

Taking a closer peek at individual exchanges, Binance boasts a lion’s share with about $102.9** million, constituting more or less 35% of the total global liquidations. The **OKX** exchange logged a close second with its liquidations accounting for **$82 million. Huobi, Bybit, and Bitmex trailed in third, fourth and fifth positions registering notable figures of $47.72** million, **$21.33 million, and $15.15 million correspondingly.

The most profound single liquidation order was inked at the Bitmex exchange, plunging a trader into a $10** million setback on the XBTUSDT pair. In the present unfolding scenario, a substantial chunk of liquidation, amounting to **$230 million out of the recorded $282** million, has been logged merely in the last 12 hours. Liquidations volumes for the preceding hour alone have crossed the **$102.5 million mark.

However, despite such noteworthy liquidation volumes, the day at hand has not taken steadfast claim as the worst for the month of June. With turbulence being a recurring theme for this month, particularly with a surge of crashes, a pattern of liquidation trends for the month has begun to emerge. On June 7, for instance, liquidation volumes soared to $360** million as the **Bitcoin** price took a hemorrhaging blow, falling from **$71,000 to $68,000**. Repeating history on June 18, liquidation volumes exceeding **$300 million were recorded in response to a slump in Bitcoin price–from $67,000** down to **$64,000.

Should the Bitcoin price continue to plummet, the liquidation volume’s potential to soar will only be a question of when, and not if. As it stands, the Bitcoin price is beleaguered in a struggle to hold a ground of $61,000**, a substantial 5% decline over the past day. Should the bulls fall short in maintaining this support level, the prospect of the **Bitcoin** price descending into the **$50,000 region will loom significantly larger.

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