Bitcoin (BTC) Price Slumps To $65K, Liquidations Tops $426M
Bitcoin (BTC) price just dropped below $65,000 mark as the overall market liquidation has jumped above $426 million
The slip-off in Bitcoin (BTC) price from the week has stirred a drawdown that caused the coin to drop below the $66,000 support level for the first time since it breached its All-Time High (ATH) above $73,000.
The Bitcoin (BTC) Price Rout
At the time of writing, market data pegs the price of Bitcoin at $65,777.25, down by 3.6% in 24 hours. There is evidence of volatility in the market as the coin reached a daily high of $70,046.27 before printing the current price.
While many market experts have dismissed the Bitcoin price correction, the sustained drawdown is bearing a bigger toll on the altcoin horde overall. This is showcased by the more than 151,000 traders that have been liquidated in the past 24 hours. The slip in price has extended the overall market liquidations to $426.02 million with Bitcoin suffering the most liquidation.
Over the past 24 hours, the Bitcoin price liquidation figure topped $104 million with long traders obliterated the most as they suffered a $86.36 million drop as against the $18.15 million for short traders. The losing streak also trickled down to Ethereum with a total liquidation of $47.98 million spread $32.79 million and $15.18 million between the long and short traders respectively.
While the top market altcoins suffered liquidations across the board, the latest Solana-based memecoin sensation BOOK OF MEME (BOME) was included in the slump. The BOME liquidation pegged at $10.16 million was mild, however, considering its relative age and smaller market cap, it suffered more losses than more established alternatives like Shiba Inu (SHIB) with $4.05 million in slump.
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