Nearly $500 Million in Liquidations as Bitcoin (BTC) Plunges to $64,000 and Alts Wiped Out

Bitcoin faced tons of volatility on Monday, especially overnight, dropping to a new monthly low of $64,000.

The fluctuations of altcoins were similar, with numerous massive drops, which resulted in 190,000 traders being destroyed on a daily basis.

The leading digital asset had a quiet weekend spending around $66,000. Monday’s start was also underwhelming, but the cryptocurrency started to gain momentum later in the day.

It jumped to a local high of just over $67,200 before the bears took full control of the market and began a remarkable price decline.

In a matter of minutes, bitcoin fell more than three thousand and fell to its lowest position since May 15 of $64,000 (on Bitstamp). It managed to bounce back in the following hours and is now near $66,000.

Bitcoin/Price/Chart 18.06.2024. Source: TradingView

The performance of altcoins was quite similar, with substantial price drops for many. Despite recovering some ground, SHIB and DOGE are still down around 10% on the day. SOL, AVAX, LINK, ADA and DOT are down 7-9%.

ETH dropped to $3,450 after falling to $3,330 earlier today. More losses come from NEAR, UNI, MATIC, WIF, FIL, FET and others.

This massive volatility has hurt over-leveraged traders, with over 190,000 of them getting ripped off in the last day. The total value of liquidated positions exceeds $480 million in the same time period.

The largest liquidated order occurred on Binance. According to CoinGlass, it was valued at $6.44 million and involved the ETH/USDC trading pair.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!