After several consecutive days of impressive growth and new highs, the price of bitcoin returned in its usual volatile manner to a weekly low of $67,000. Altcoins also turned ‘red’, leading to nearly 200,000 traders being liquidated in the last 24 hours.
Bitcoin managed to rise from $61,000 to over $73,000 in just over ten days. The latest record was set yesterday when the largest cryptocurrency approached $74,000 for the first time in history.
Altcoins followed the rise. Ethereum surpassed $4,000, Solana jumped to as high as $180, and BNB traded above $600. Such rises are often followed by sharp declines as there is an extremely high level of leverage in the market, and such warnings were also present yesterday.
BTC first fell to $70,000, but bears continued to push it down, and the asset fell all the way to $67,000, a level not seen for a week.
Altcoins are also deep in the red, with Ethereum and BNB showing a 7 percent drop to below $3,700 and $575, respectively. The most significant losses among larger-cap altcoins come from Dogecoin, down 12 percent, and Shiba Inu, down 13 percent.
These unfavorable price movements liquidated over 190,000 traders, according to CoinGlass. The total value of liquidated positions was a shy $700 million, with the largest occurring on OKX, valued at over $13 million.
