Bitcoin (BTC) suddenly drops to $57,000, leaving $350 million in liquidated positions

The weekend’s decline continues in full force as bitcoin poured down to just over 57,000 minutes ago, while altcoins are bleeding even worse.

Naturally, liquidated positions and traders have soared to $350 million and $112,000, respectively.

After a positive start to the previous business week, when BTC soared to $70,000, the picture quickly turned for the worse in the following days. The biggest pain levels, however, were left for Friday, Saturday and now Sunday.

It all started on Friday after the weak US jobs report, which showed high levels of unemployment in the US. Wall Street crashed and so did the crypto market. Bitcoin, for example, fell from $66,000 to $62,200.

Another stage occurred on Saturday as BTC dropped to just below $60,000 for the first time in three weeks.

The decline continued on Sunday, as previously reported. However, BTC had regained some ground and was near $62,000.

However, the dominance of the bears resumed in the last hours. They drove another massive leg down that drove BTC south to $57,200 (on Bitstamp). This is the lowest price for bitcoin in just over three weeks. You can check here for some of the possible reasons for these declines. Also, you can see how low BTC can go during this pullback, according to Perplexity.

Altcoins have it even worse. ETH is down to $2700, BNB is below $500, SOL is down to $135, etc.

The total value of positions liquidated on a daily basis is up to $350 million, according to CoinGlass. At the same time, more than 112,000 merchants have gone bankrupt. The largest liquidated position was worth $27 million and took place on Huobi.

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