Over $200M in Liquidations as Bitcoin (BTC) Price Drops to Monthly Lows (Weekend Watch)

Bitcoin’s price movements over the past few days have been quite painful, with the asset dropping to $65,000 yesterday for the first time in about a month.

Although they have also recovered from their lower positions, altcoins are also very much in the red, with NEAR, FIL and FET pouring the most.

BTC’s rollercoaster ride continues

The major cryptocurrency had a bit of a positive start to the week as it rose to $70,000 and slightly above on Monday. However, the picture changed on Tuesday amid growing anticipation and fear over US CPI numbers and the subsequent FOMC meeting and the asset fell to $66,000.

After the CPI beat expectations, BTC soared to $70,000, but that was short-lived. A day later, bitcoin fell to $67,000 and the situation worsened on Friday evening.

The bears seemed to be in full control and pushed the asset to a monthly low of $65,000. Although it has been able to bounce back and recover around a thousand, BTC is still down 1.5% on the day. This volatility has resulted in over $200 million worth of liquidations from nearly 75,000 traders in the past 24 hours.

Its market cap has dropped to $1.3 trillion, but its dominance over altcoins remains strong at just over 51%.

Bitcoin/Price/Chart 15.06.2024. Source: TradingView Highs in red

Most altcoins followed BTC south with notable price drops yesterday evening. Although they have been able to regain some ground, they are still in the red now.

Solana is down 3% to $143 as of now, DOGE and SHIB are down almost 5%, while AVAX, DOT and ADA are down 2-4%.

TON is one of the few exceptions, as a 3% jump has taken it to just over $8. UNI is also up 3.5% on the day to $11.

More losses come from NEAR, FIL, FET and AR. The total crypto market capitalization has decreased by about $50 billion overnight.

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