Almost $500M in Liquidations as Bitcoin (BTC) Dumped to $64K and Alts Bled Out

Bitcoin faced a lot of volatility on Monday, especially overnight, and fell to a new monthly high of $64,000.

Altcoin volatility was similar, with several massive declines, devastating 190,000 traders on a daily basis.

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

It jumped to a local peak of just over $67,200 before speculators took full control of the market and began a noticeable price decline.

Within minutes, Bitcoin fell by more than three thousand and fell to its lowest level since May 15 at $64,000 (on Bitstamp). It managed to rebound in the following hours and is now close to $66,000.

Altcoins performed quite similarly, with significant price declines from many of them. Although they have recovered some ground, SHIB and DOGE are still down about 10% on the day. SOL, AVAX, LINK, ADA and DOT shares fell by 7-9%.

ETH price fell 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 more than 190,000 of them destroyed in the past day. The total value of liquidated positions exceeds $480 million during the same time frame.

The largest single liquidation order has occurred on Binance. Its value was $6.44 million and included the ETH/USDC trading pair, According to To Queenglass.