Bitcoin Tumbles by $3.5K, Liquidations Skyrocket to $230M as Altcoins Bleed Badly

Bitcoin's price actions took a violent turn from yesterday's quietness as the asset plunged by more than three and a half grand to $63300.

Bitcoin’s Price Drops $6K in Hours, Crypto Liquidations Hit $230M

Bitcoin’s price crashed by more than three and a half grand in a matter of hours, following a relatively calm Sunday. The altcoins have also taken a hit, and the total liquidations have approached $230 million.

Bitcoin’s Price Actions Went South After a Hectic Monday

The primary cryptocurrency enjoyed a positive start to the business week as the bulls pushed it to its highest price point since early June – $70,000. However, BTC was quickly rejected there and retraced sharply.

It slipped beneath $65,500 but recovered some ground and remained mostly calm in the following hours, hovering around $66,800.

The bears, however, regained control in the past few hours and drove the asset to a two-week low of $63,300 (on Bitstamp).

After bouncing off and trading at about $64,000, Bitcoin is now more than six grand away from its Monday top and slipped by 2.5% in a day.

The alternative coins painted a gloomier picture, with WIF, RUNE, MNT, BONK, and ENS plummeting by 11%, 7.5%, 7.3%, 7%, and 7%, respectively.

Meanwhile, the larger-cap alts decreased солидно, with SOL, XRP, ADA, ETH, and DOGE charting losses of 6%, 5%, 4%, 3.5%, and 3.5%.

According to data from CoinGlass, nearly 70,000 traders liquidated their positions in the past day amid this heightened volatility.

Interestingly, more ETH positions were liquidated than BTC ($62 million vs. $61.5 million, respectively).

In total, the liquidated positions were valued at $227 million at the time of writing.

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