Bitcoin Plunges to $61K, Triggers Market Panic and $700M in Liquidations: Altcoins Follow Suit
Bitcoin’s Turbulent Week: $61K Low Sparks Massive Liquidations as Altcoins Face Sharp Declines
In a dramatic turn of events, Bitcoin tumbled to $61,000, triggering market-wide panic and $700 million in trader liquidations. This sudden drop intensified as altcoins recorded significant declines, shedding billions in market value overnight.
The bitcoin markets plunged on the evening of April 12, and the same horrific scenario occurred again on April 13. The entire market has bled away, with another $200 billion exiting the sector. Total liquidations have risen to $700 million from $900 million last night, per CryptoPotato reports.
It was all going well for the principal cryptocurrency until April 19, when the asset settled at roughly $70,000–$71,000. However, the situation altered following the most recent US Fed speeches, which did not indicate any meaningful changes in the central bank’s monetary policy regarding interest rate cuts.
In a couple of minutes, BTC fell by five to six grand, down to $65,000, resulting in around $900 million in liquidations from nearly 300,000 traders. While the market meltdown damaged other asset classes, such as Wall Street and gold, today’s changes primarily affect cryptocurrency, an open market that never stops trading.
Bitcoin, for example, has regained some ground and was trading at approximately $67,000. However, it has dropped again to a multi-week low of roughly $61,000 in the last few hours.
Altcoins have bled out even more. Almost all of them, including SOL, XRP, BNB, DOGE, SHIB, AVAX, and many others, have experienced double-digit price declines. The overall crypto market valuation has fallen by approximately $200 billion in a single day and more than $400 billion since Friday morning (April 12).
In the last 24 hours, market changes have forced 220,000 traders to liquidate their positions. CoinGlass estimates that the total value of destroyed positions is $800 million over the same time. According to BBC, the most recent price drop appears to have occurred following the escalating tension between Israel and Iran.
Bitcoin Stumbles Below $65K Amid Market Rout, Altcoins Hit Hard with Severe Losses
Bitcoin’s price failed to surpass $71,000 on April 14, and the following rejection pushed the currency much lower, plummeting to below $65,000. Altcoins have suffered considerably worse, with many experiencing double-digit losses, including XRP, SOL, DOGE, TON, ADA, etc.
CryptoPotato previously reported on BTC’s unsuccessful attempts to surpass $71,000. The bears intercepted the moves and pushed the cryptocurrency down to approximately $70,000.
However, this was only the beginning of Bitcoin’s crimson Friday. Following a recent warning that the situation could deteriorate quickly, the asset’s price fell to a weekly low of roughly $65,000.
Although BTC has recovered some ground since then and is trading at roughly $67,000, it is still down about 5% for the day. The alternative coins have seen much more dramatic price drops. Ethereum’s value has dropped by 8%, currently at $3,230.
SOL, XRP, DOGE, TON, ADA, AVAX, BCH, SHIB, and DOT have all experienced double-digit daily price drops.
Overleveraged traders have felt the enormous price changes, with liquidations reaching around $500 million in the last hour alone. CoinGlass reports that the 12-hour count has surpassed $800 million. Almost 300,000 dealers have been wiped out in the last day. The largest liquidated position was on OKX, worth over $7 million.
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