$Crypto Carnage: Nearly $200M Liquidated as Bitcoin Falls Below $61,000

Nearly $200M in liquidations hit crypto markets in a volatile 24-hour session as the price of Bitcoin fell below $61,000. The sharp drop triggered a wave of liquidations that impacted many investors and traders. Total market valuations have plunged by about 2.7% to around $2.34 trillion, highlighting heightened volatility and market stress.

Bitcoin led the decline, falling 1.3% this week and 2.8% in the past day. The drop has not only wiped out the value of many investors’ portfolios, but has also led to traders suffering huge losses from liquidations. Data highlights the extent of the carnage, with 59,816 traders liquidated for a total of $170.72 million. Liquidations were primarily from long positions, suggesting many traders expected the market to rebound. Bitcoin traders faced liquidations of approximately $45.76 million, while Ethereum and Solana traders faced liquidations of $44.55 million and $11.09 million, respectively.

Some exchanges experienced large-scale liquidations, with liquidations of $54.29 million, $19.28 million, and $12.93 million, respectively. Although small exchanges also faced liquidations, the impact was relatively small.

Despite the current market downturn, some market analysts remain optimistic about Bitcoin's prospects. PlanB, a well-known figure in the crypto community, reiterated that the bull run is still going on and said that the underlying on-chain indicators do not show any anomalies that indicate a long-term bear market. In addition, Samson Mow, an active Bitcoin advocate, emphasized the importance of Bitcoin in solving fundamental economic problems, noting that repairing the monetary system may be the key to a broader economic recovery.

His views# highlight Bitcoin's potential to not only recover, but also reach new heights in the financial sector.

$BTC ##