Bitcoin Suddenly Plummets Below $70K as Total Liquidations Near $200M

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Cryptopotato2024/06/07 18:16

By:Author: George Georgiev

Bitcoin’s price tumbled below $70K as the majority of altcoins also plummet.

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The cryptocurrency market has taken a u-turn in the past hour, with the majority of coins dropping considerably. Bitcoin’s price now trades below $70K, while the market sees close to $200 million worth of liquidated positions.

BTC took a sudden hit as its price plummeted below $70K following what many considered a renewal of the bull run.

As seen in the chart above, the move was relatively sudden, completing a decline of around 2.5% in the past few hours.
The drop is not specific to Bitcoin, as virtually all of the leading altcoins are also crashing.
Binance Coin is down 3% over the past hour alone, while DOGE dropped by more than 6%.
Ethereum lost 3% as well, XRP – around 4$, Solana – about 3.6%, and so forth.
This also resulted in considerable liquidations across leveraged long positions, which currently amount close to $200 million, according to data from Coinglass .

Tags: Bitcoin (BTC) Price

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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