Altcoins
Crypto Sees Over $300 Million in Liquidations as Bitcoin, Altcoins Fall
Bitcoin price fell below $61,000 on Monday as bearish pressure intensified, and the market saw more than $320 million in total liquidations in 24 hours as a result.
With bulls unable to maintain key price levels With BTC trading lower, today’s decline sees buyers eyeing a potential decline to the psychologically important $60,000 level.
The bloodbath is also visible in the altcoin market as Ethereum failed to hold above the $3,300 level. Meanwhile, Solana, BNB, and XRP have all lost a significant portion of their recent gains. Uniswap and Maker, down 12% and 9% in the last 24 hours, are the biggest losers among the top 50 coins by market.
Liquidations reached over $320 million in the last 24 hours
As Bitcoin fell past $62,000 on Monday, total liquidations in the crypto market surpassed $300 million.
With BTC below $61,000 and likely to extend losses, the destruction of leveraged long positions increased to over $324 million. More than $286 million are long positions, while $36 million are short positions.
According to Coinglass dataNearly $132 million of the liquidations involve Bitcoin.
Long positions account for the vast majority of rekt traders, at almost $122 million in 24 hours, while short positions liquidated account for around $9.9 million. According to market data, more than $95 million in long positions were liquidated in the last 12 hours.
In total, over 85,440 traders were liquidated in the last 24 hours. On June 24 at 12:30 p.m. ET, the largest liquidation order during this period took place on Binance – a $15.36 million burn on the BTC/USDT pair.
Why did the price of Bitcoin fall sharply today?
On June 24, the trustee of the bankrupt crypto exchange Mt. Gox announcement that long-awaited repayments to creditors will begin in July. With over $9 billion in BTC with the defunct exchange earmarked for distribution, investor reaction to the news was swift and biting.
Bitcoin price fell more than 5% after the news, breaking above support levels as fears of potential selling pressure hit the market. The downward pressure also comes against the backdrop of recent sales of a portfolio linked to the German government.
Earlier this year, German police seized nearly 50,000 BTC, worth around $2.1 billion at the time.
Bitcoin’s gains over the past few months mean the total value of the coins has reached over $3 billion. But data from Arkham Intelligence shows that the wallet recently sold a significant number of BTC, likely contributing to the sell-off.
Miners also sold a large portion, with data from IntoTheBlock showing around 30,000 BTC sold after the halving.