Despite recovering some ground since then, bitcoin is still down almost 3% on the day and 6% in the past week.
Bitcoin has dropped from over $64,000 to a new multi-week low of under $62,500 on Monday. While daily liquidations remain low at just over $130 million, the total number of affected traders has risen to over 60,000. Last week, bitcoin experienced significant outflows from spot ETFs.
According to CoinGlass data, daily liquidations total $135 million, which is a surprisingly low number given the volatility. During the same time period, 64,463 traders were wiped out.
This culminated on Friday, when the price dropped to $63,500. The weekend was less exciting and quieter, with BTC trading at slightly over $64,000.
However, the Monday am Asian trading session started with another significant price drop. In a few of hours, BTC dropped about $2000 and plummeted below $62,500 for the first time since May 15.
The altcoins are even terrible, particularly the meme coin reps. FLOKI has fallen by more than 12%, WIF by 12%, BRETT by 11.6%, PEPE by 11.3%, and BONK by 10% in the last day.
The whole crypto market capitalization has fallen by more than $60 billion, as larger-cap alts such as ETH, BNB, DOGE, TON, and ADA have lost approximately 4% of their value.
