$350M in Liquidations as Bitcoin (BTC) Price Drops to 2-Week Low

Bitcoin price took another turn for the worse in the last hour or so, dropping a few thousand to a multi-week low below $62,000.

This is the lowest price for the asset since the US Federal Reserve cut interest rates in mid-September.

CryptoPotato reported this morning that BTC has regained some ground after yesterday’s price drop below $63,000 and is now near $64,000.

However, the cryptocurrency was rejected there and pushed hard south. It initially fell back to $63,000, but bears kept the pressure on, taking it to a two-week low of $61,800 (on Bitstamp) minutes ago.

The bulls managed to intercept the move and bitcoin has recovered around a grand since then. Most altcoins have followed suit, with ETH down more than 3% in the last 24 hours, SOL down 3.6% and DOGE down more than 5%.

Interestingly, this drop in prices comes even after Jerome Powell, the chairman of the Fed, said yesterday that he expects two more cuts for the US central bank by the end of the year.

The previous rate cut led to a surge in prices for the largest cryptocurrency, which rose from $59,000 on September 18 to over $66,000 about ten days later.

This massive volatility in the crypto market has wiped out almost 120,000 overleveraged traders in the last day. The total value of the destroyed positions is up to 350 million dollars. Long positions account for the lion’s share, but neither BTC nor ETH take the top spot.

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