Bitcoin (BTC) Price Dumps Toward $62K, Liquidating Over 60,000 Traders

Monday started off on the wrong foot for Bitcoin and the entire cryptocurrency market, as the underlying digital asset fell from over $64,000 to a new multi-week low of under $62,500.

Although liquidations on a daily scale are still relatively low at just over $130 million, the total amount of affected traders has risen to over 60,000.

Last week was not going well for Bitcoin amid massive outflows from spot ETFs. The cryptocurrency’s weekly high was reached on Tuesday when it briefly surpassed $67,000, but bears took control and began pushing it south.

This peaked on Friday with the price falling to $63,500. The weekend was less eventful and quieter as Bitcoin reached just over $64,000.

However, Monday morning’s Asian trading session began with another notable drop in prices. Within hours, Bitcoin lost nearly $2,000 and fell below $62,500 for the first time since May 15.

Although it has recovered somewhat since then, Bitcoin is still trading down approximately 3% on the day and 6% in the past week.

Altcoins are in even worse shape, especially representatives of the meme world. FLOKI is down more than 12%, WIF is down 12%, BRETT is down 11.6%, PEPE is down 11.3%, and BONK is down 10% in the past day.

The total cryptocurrency market capitalization fell by more than $60 billion, with large-cap altcoins such as ETH, BNB, DOGE, TON, and ADA losing about 4% of their value.

Queen Glass Data Daily liquidations appear to be $135 million, which is a relatively low number considering volatility. Meanwhile, 64,463 traders were destroyed during the same time frame.