Bitcoin (BTC) experienced a dramatic downturn last night, as its price tumbled below the crucial $70,000 mark, triggering a rapid sell-off that wiped out over $80 billion from the total cryptocurrency market capitalization.
The sharp decline in Bitcoin’s value led to liquidations exceeding $170 million within a single day, impacting over 75,000 traders.
This sudden plunge brought Bitcoin to its lowest level since June 3, reaching a price of $67,500 and causing its market capitalization to dip to $1.335 trillion, as reported by Crypto Gazette.
The downturn also affected alternative cryptocurrencies, with Ethereum (ETH) experiencing a 3.5% decrease, trading at $3,560. Other major altcoins such as SOL, DOGE, TON, SHIB, and LINK also recorded significant losses.
Binance Coin (BNB), which had shown strong performance in the previous week, saw a sharp decline of over 7% in the past 24 hours, dropping below the $620 mark.
The sell-off extended beyond the top cryptocurrencies, with tokens like NOT (-19%), W (-15%), JASMY (-11%), and BRETT (-10%) also witnessing substantial declines.
The total value of liquidated positions surged to $120 million within the past 12 hours and reached $170 million over the course of the day. Of particular note is Ethereum’s significant role in the liquidation, with the largest individual position involving ether valued at over $6.5 million, occurring on the Binance exchange.
