Bitcoin (BTC) Price Drops Below $68,000 In Minutes, Liquidating Over 75,000 Traders

Bitcoin price tried to break the coveted $70,000 level last night, but was violently rebuffed and dropped over two thousand in an hour or so.

Altcoins have also turned red, causing a loss of $80 billion in the total crypto market cap. The total value of liquidated positions has increased to about $170 million on a daily basis.

CryptoPotato reported yesterday that BTC price action was pretty dull over the weekend, but Monday started on a more positive note. The afternoon was even more bullish for the asset as it attempted a charge against psychological resistance at $70,000.

Despite briefly breaking this level, the bears quickly intercepted the move and did not allow a decisive victory. Just the opposite, BTC started losing value almost immediately, shedding over two thousand in an hour or so.

This culminated in a price drop to its lowest level since June 3 of $67,500. Its market capitalization has also fallen to $1.335 trillion in CG.

Bitcoin/Price/Chart 11.06.2024. Source: TradingView

Alternative currencies are in an even worse state. Ethereum has lost 3.5% on the day and is down to $3,560. Similar declines are evident in SOL, DOGE, TON, SHIB and LINK.

Binance Coin, which was last week’s best performer, is down more than 7% in the last 24 hours. As a result, BNB has dropped below $620.

Even more painful declines come from NOT (-19%), W (-15%), JASMY (-11%), BRETT (-10%) and others.

The total value of positions liquidated in the last 12 hours is up to $120 million and $170 million on a daily basis. More than 75,000 merchants have been destroyed in the same time period.

Interestingly, ETH is responsible for the largest share of the pie and the largest liquidated position also involved Ether. It was worth over $6.5 million and took place on Binance.

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