The price of Bitcoin witnessed a sharp decline last night, as the price of the currency was unable to stabilize at the level of $70,000, and was exposed to strong selling pressure that pushed it to decline by more than $2,000 within about an hour, after which it continued to decline and reached less than $67,000.
This decline was not limited to Bitcoin, but extended to most altcoins, resulting in a total loss of approximately $80 billion from the total market value of cryptocurrencies.
The total liquidation value rose to about $170 million in one day.
At the beginning of Monday, the markets witnessed positive movement, as Bitcoin attempted to overcome the psychological resistance barrier at the $70,000 level.
However, after exceeding this level for a short period, the market witnessed strong resistance from speculators who did not allow for a decisive breakthrough.
As a result, the price of Bitcoin began to decline rapidly, falling by more than $2,000 within an hour.
This decline culminated with the price reaching its lowest level since June 3, falling to $67,500.
Bitcoin's market value also fell to $1.33 trillion, according to CoinGecko.
Altcoins were in a worse position, as the price of Ethereum fell by 3.5% to reach $3,560.
Coins such as Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Shiba Inu (SHIB), and Link (LINK) saw similar declines.
Binance Coin (BNB), which was the best performer last week, recorded a decline of more than 7% over the past 24 hours, taking its price to below $620.
The most affected currencies were emerging currencies such as NOT, which fell by 19%, W by 15%, JASMY by 11%, and BRETT by 10%.
The total liquidation value over the past 24 hours was more than $184 million, with more than 68,000 traders affected during this time period.
Interestingly, the largest share of liquidations was Ethereum, with the largest Ethereum-related liquidation recorded at a value exceeding $6.5 million, which took place on the Binance platform.
