Liquidations Surpass $1B as Bitcoin (BTC) Tanks Below $68K
After it lost the crucial support at $70,000, bitcoin’s situation has only worsened, with a fresh dive to a new multi-month low.
Although many alts are in the red as well now, their losses are not as crucial, and $BTC’s dominance has further declined.
BTCUSD June 2. Source: TradingView
The chart above demonstrates bitcoin’s dire state on multiple scales. On a large one, it shows that the asset stood above $82,000 a few weeks ago before it was rejected and driven south hard.
On a more micro scale, the chart suggests that $BTC entered June (yesterday) at $74,000 and its crash to $67,500 minutes ago means a massive $6,500 decline in about 40 hours. It’s worth noting that the cryptocurrency hasn’t traded at such low levels in almost two months.
Meanwhile, most analysts have followed the overall bearish sentiment, indicating that bitcoin could soon tank to $65,000 or even lower.
In addition, bitcoin’s dominance over the market has slumped to under 56% on CoinGecko. The metric is down by over 1% in a day and more than 2% in the past week alone. Although most alts are in the red now as well, many of them have fared better than $BTC.
This caused some speculation that Strategy’s decision to sell a small portion of its bitcoin holdings might be among the reasons behind the asset’s particularly painful decline.
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Given the market’s state and the quick pace at which $BTC is crashing, it’s no surprise that the total value of wrecked positions has skyrocketed. Data from CoinGlass shows that just over $1 billion worth of leveraged positions have been wiped out in the past day, with longs responsible for 90%.
More than 170,000 traders have been wrecked, while the single-largest liquidation order took place on Hyperliquid and was worth north of $27 million.
Liquidation Data on CoinGlass