Over $220 Million in Liquidations as Bitcoin (BTC) Falls Towards $63,000

Bitcoin price action took a violent turn from yesterday’s lull as the asset fell more than three and a half thousand to $63,300.

Altcoins have followed suit and the total value of liquidated positions has soared to nearly $230 million on a daily basis.

The start of the trading week was quite positive for the major cryptocurrency as bulls took it to its highest price since early June of $70,000.

However, the asset had little luck there and was quickly rejected. The pullback pushed it hard south and BTC found itself falling below $65,500.

It managed to regain some ground yesterday and remained relatively quiet around $66,800. However, the bears regained control once again in the last few hours and pushed it to a two-week low of $63,300 (on Bitstamp).

Despite bouncing back and currently trading near $64,000, bitcoin is more than six thousand away from its Monday high and is down 2.5% in the last 24 hours alone.

Bitcoin/Price/Chart 01.08.2024. Source: TradingView

Altcoins are in an even worse state, with massive drops seen in WIF (-11%), RUNE (-7.5%), MNT (-7.3%), BONK (-7%) and ENS ( 7%).

Biggest losers in the larger cap space include SOL (-6%), XRP (-5%), ADA (-4%), ETH (-3.5%), and DOGE (-3.5%).

Data from CoinGlass shows that almost 70,000 traders have gone bust in the last day due to this enhanced volatility. Interestingly, more ETH positions have been liquidated than BTC ($62 million vs $61.5 million, respectively).

Overall, the total value of liquidated positions stands at $227 million at the time of writing.

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