Bitcoin (BTC) Crashes to $65,000 – $484 Million Liquidated From Crypto Markets
The beginning of Bitcoin's second quarter brought about notable turbulence, marked by significant movements in the options market and sharp price swings.
Bitcoin experienced a brief plunge from $70,000 to $65,500, while Ethereum also saw its value decline to lows of $3,320 during the same period.
According to the latest market update from QCP Capital, the rapid price movement was fueled by substantial liquidations, particularly on platforms like Binance, which have a high retail presence. This led to a correction in perpetual funding rates, bringing spot prices back within the $60,000 to $72,000 range.
Within 24 hours, increased volatility resulted in a surge of liquidation events on centralized exchanges, causing Bitcoin to retreat below the $66,000 mark.
READ MORE: Peter Schiff Critiques Bitcoin Preference Over Gold Among Younger Investors
CoinGlass data revealed approximately $484 million in liquidations across multiple centralized crypto exchanges, with long positions accounting for the majority.
Bitcoin and Ethereum witnessed significant liquidations, with Bitcoin positions facing losses of over $149 million and Ethereum liquidations totaling $109 million.
Other top altcoins, including Solana and Dogecoin, also experienced substantial liquidations during this period.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
