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Bitcoin Trader Sees Prices Slumping to $60K as Crypto Bulls See $650M in Liquidations

Crypto market capitalization dropped 7%, with major tokens like bitcoin, ether, and others falling sharply in the past 24 hours.

The decline was triggered by higher-than-expected inflation data and profit-taking by some traders, with some analysts predicting further losses before a potential rebound.

Crypto market capitalization dropped 7%, its sharpest fall this year, as bitcoin (BTC) plunged 8% in the past 24 hours to wipe weekly gains and kickstart a marketwide decline.

Bitcoin slumped from high of $73,000 to as low as $65,800 early before slightly recovering. Meanwhile, a broad-based index of most liquid cryptocurrencies, was down 8.25%.

Data shows that crypto-tracked futures suffered over $800 million losses, the second-largest figure this year. Longs, or bets on higher prices, suffered $660 million in liquidations, likely contributing to the sharp downturn. Liquidation occurs when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin.

Meanwhile, some traders warned of further losses in the coming weeks before an eventual price rebound.

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