Bitcoin’s price stood tall above $66,000 for a few days and even challenged $67,000 on a couple of occasions but to no avail. The subsequent rejection brought enhanced pain for the bulls and over-leveraged traders with long positions, as the total value of liquidations on a daily scale has soared to more than $200 million.
However, the altcoins also have a big say in this, as most have plummeted even more than bitcoin.
Last week was quite painful for the primary cryptocurrency as the asset plunged below $60,000 on two separate occasions amid the ongoing growing tension between Iran and Israel.
As the former said it will refrain from retaliating, at least for now, bitcoin’s price regained a lot of value and jumped to around $65,000 by the time the fourth halving was completed.
Since then, BTC was gradually increasing in value and jumped to over $67,000 on Tuesday and Wednesday morning. Yet, the bears stepped up at this point and reversed bitcoin’s trajectory.
In a matter of a few hours, the asset slumped to $64,500 before another leg down pushed it to a multi-day low of under $63,600. Despite recovering a few hundred grand since then, BTC is still well in the red at just over $64,000.
Even more painful declines are evident from the likes of Solana (-7%), Toncoin (-7%), Dogecoin (-7%), Avalanche (-10%), Shiba Inu (-8%), and many others.
As such, it’s no wonder that almost 100,000 traders have been wrecked in the past day, most of them with long positions. The total value of liquidations on a daily scale is at just over $210 million on CoinGlass.
