Bitcoin's fall below $70,000 led to $200 million in liquidations

Yesterday, in just an hour, the cryptocurrency market made a reversal, with most coins falling significantly in price. Bitcoin dipped into the $69,000 range, causing about $200 million worth of positions to be liquidated.

The decline in BTC price came quite unexpectedly, as many experts were vying with each other about the resumption of bullish growth and reaching new record highs. Note that none of them spoke about a potential price pullback before a sharp rise.

As you can see in the chart above, the move was quite sudden at about 2.5% down. As a result, most altcoins followed Bitcoin.

For example, in an hour, Binance Coin fell by 3%, DOGE lost more than 6% in value, Ethereum lost 3%, XRP lost about $4, Solana lost about 3.6%, and so on. According to Coinglass, this BTC plunge has also led to significant liquidation of long leveraged positions, which currently stand at around $200 million.

BTC/USDT 69,500.03

BNB/USDT 693.8

SOL/USDT 163.48