Key Points
- Bitcoin’s price fell below $61,000, leading to over $320 million in total liquidations within 24 hours.
- Ethereum, Solana, BNB, XRP, Uniswap, and Maker also suffered significant losses.
Bitcoin’s value dipped under the $61,000 mark as bearish trends strengthened, resulting in over $320 million in total liquidations in a day.
The inability of the bulls to maintain crucial price points as Bitcoin (BTC) traded lower has led to a potential fall to the significant $60,000 level.
Altcoins Follow Suit
The altcoin market also witnessed a significant drop, with Ethereum (ETH) failing to stay above the $3,300 mark. Other cryptocurrencies like Solana, Binance (BNB), and XRP experienced substantial declines in their recent gains.
Uniswap and Maker, which fell by 12% and 9% respectively in the past 24 hours, are the hardest hit among the top 50 coins by market.
Impact of Bitcoin’s Fall
As Bitcoin’s price fell below $62,000, total liquidations across the cryptocurrency market exceeded $300 million. With BTC trading below $61k and likely to suffer further losses, the destruction of leveraged longs rose to over $324 million.
According to Coinglass data, almost $132 million of the liquidations are attributed to Bitcoin. The majority of the liquidated traders were longs, accounting for nearly $122 million in 24 hours, while liquidated short positions accounted for about $9.9 million.
In total, over 85,440 traders were liquidated in the past 24 hours. The largest single liquidation order during this period occurred on Binance, with a $15.36 million loss on the BTC/USDT pair.
Reasons for the Fall
On June 24, the trustee of the bankrupt cryptocurrency exchange Mt. Gox announced that repayments for creditors will begin in July. The announcement, which involves over $9 billion in BTC, led to a swift and sharp reaction from investors.
Bitcoin’s price fell by more than 5% following the news, breaking past support levels as fears of a potential sell-off pressure hit the market. The downward trend was also influenced by recent selling by a wallet linked to the German government.
Earlier this year, German police confiscated nearly 50,000 BTC, valued at about $2.1 billion at the time. The total value of the coins surpassed $3 billion due to Bitcoin’s gains over the past months. However, data from Arkham Intelligence indicates that the wallet has recently sold off a significant number of BTC, likely contributing to the selling.
Data from IntoTheBlock shows that miners have also sold approximately 30,000 BTC post-halving.
