Crypto sees over $300 million in liquidations as Bitcoin, altcoins plummet

Bitcoin price fell below $61,000 on Monday as bearish pressure intensified, resulting in a total liquidation of over $320 million in the market in 24 hours.

Today’s decline, as bulls are unable to hold key price levels as BTC trades lower, suggests buyers are facing a potential decline towards the psychologically important $60,000 level.

The bloodbath is also evident in the altcoin market as Ethereum failed to hold above the $3,300 level. Meanwhile, Solana, BNB and XRP have eclipsed a significant portion of recent gains. Uniswap and Maker were the biggest losers among the top 50 cryptocurrencies in the market, falling 12 percent and 9 percent in the last 24 hours.

Liquidations exceeded $320 million in the last 24 hours

While Bitcoin fell above $62,000 on Monday, total liquidations in the crypto market rose to over $300 million.

With BTC below $61,000 and losses looking likely to escalate, leveraged long positions have been wiped out to over $324 million. More than $286 million is long position and $36 million is short position.

According to data from Coinglass, approximately $132 million of liquidations are for Bitcoin.

Long positions account for the vast majority of rekt investors, with approximately $122 million in 24 hours, while liquidated short positions consist of approximately $9.9 million. More than $95 million of liquidated long positions came in the last 12 hours, according to market data.

Overall, more than 85,440 traders were liquidated in the last 24 hours. As of 12:30 ET on June 24, the largest single liquidation order in this period was on Binance; There was a loss of $15.36 million in the BTC/USDT pair.

Why did the Bitcoin price drop sharply today?

Mt. crypto exchange, which went bankrupt on June 24. Gox’s trustees have announced that long-awaited repayments to creditors will begin in July. With over $9 billion worth of BTC on the defunct exchange allocated for distribution, investors’ reaction to the news was swift and harsh.

Following the news, Bitcoin price fell more than 5% and broke through support levels as fears of potential selling pressure hit the market. Downward pressure is also emerging following a recent sell-off by a wallet affiliated with the German government.

Earlier this year, German police seized close to 50,000 BTC worth approximately $2.1 billion at the time.

Bitcoin’s gains in recent months have meant that the total value of the coins has risen to over $3 billion. However, data from Arkham Intelligence shows that the wallet has recently sold a significant amount of BTC, possibly contributing to this sale.

Miners also made large sales; IntoTheBlock data shows that approximately 30,000 BTC were sold after the halving.