News
Bitcoin Suddenly Plunges Below $70,000 as Total Liquidations Approach $200 Million
The cryptocurrency market has undergone a turnaround in the past hour, with most coins falling significantly. Bitcoin’s price is now trading below $70,000, while the market sees liquidated positions worth nearly $200 million.
- BTC took a sudden hit as its price plummeted below $70,000 following what many viewed as a renewal of the bull run.
Source: Binance via TradingView
- As seen in the chart above, the move was relatively sudden, completing a decline of around 2.5% in the last few hours.
- The decline is not specific to Bitcoin, as virtually all major altcoins are also collapsing.
- Binance Coin is down 3% in the last hour alone, while DOGE is down over 6%.
- Ethereum also lost 3%, XRP – around $4, Solana – around 3.6% and so on.
- This has also resulted in sizable liquidations of long leveraged positions, which currently amount to nearly $200 million, according to data from Coinglass.
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