Monday has started on the wrong foot for bitcoin and the entire crypto market as the primary digital asset plummeted from over $64,000 to a new multi-week low of under $62,500.
Although the liquidations on a daily scale are still relatively low of just over $130 million, the total amount of wrecked traders has risen to more than 60,000.
Last week didn’t go so well for bitcoin amid the massive outflows from the spot ETFs. The cryptocurrency’s weekly high came on Tuesday when it briefly exceeded $67,000, but the bears took control and started pushing it south.
This culminated on Friday with a price drop to $63,500. The weekend was less eventful and calmer as BTC stood at just over $64,000.
However, the Monday morning Asian trading session began with another notable price decline. In a matter of hours, BTC lost roughly two grand and fell below $62,500 for the first time since May 15.
Despite recovering some ground since then, bitcoin still trades nearly 3% down on the day and 6% in the past week.
Bitcoin/Price/Chart 24.06.2024 Source: TradingViewThe altcoins are in an even worse state, especially the reps of the meme coin realm. FLOKI has dumped by over 12%, WIF by 12%, BRETT by 11.6%, PEPE by 11.3%, and BONK by 10% in the past day.
The total crypto market cap is down by over $60 billion as larger-cap alts like ETH, BNB, DOGE, TON, and ADA have lost about 4% of value.
CoinGlass data shows that the daily liquidations stand at $135 million, which is a relatively low number considering the volatility. At the same time, 64,463 traders have been wrecked within the same timeframe.