$150M in Liquidations as Bitcoin (BTC) Price Drops $2.5K in Minutes

Bitcoin had finally seen a small relief rally that took it to $57,000 after the US jobs report when the bears remembered their presence and pushed it hard south.

Total settlements have soared to $150 million a day.

The major cryptocurrency has faced its fair share of adversity over the past week as its price dropped from $65,100 last Monday to $55,500 today.

That’s when some positive news hit the market. As reported today, the asset rose to $57,000 after the US released the August jobs report, which described a smaller decline in the unemployment rate.

However, it was another short-lived demonstration that turned out to be a false escape. Instead of further raising hopes of upcoming rate cuts in the States, BTC quickly got back on track.

Within minutes, the asset was reduced by about two and a half thousand from $57,000 to $54,400. This became its lowest price in exactly one month.

Bitcoin/Price/Chart 06.09.2024. Source: TradingView

Altcoins followed suit, with ETH falling to $2,320, SOL below $130, and XRP retreating to $0.53.

This volatility has hurt over-leveraged traders as more than 45,000 market participants have been wiped out in the last day. The total value of settlements is up to $150 million in the same time period.

The biggest castaway position was a struggle. It took place at HTX and was worth over $13 million.

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