Bitcoin faced significant volatility on Monday, particularly overnight, dropping to a new monthly low of $64,000. The fluctuations in altcoins were similar, with numerous larger declines, resulting in the liquidation of 190,000 traders on a daily basis.
The largest cryptocurrency had a quiet weekend, trading around $66,000. The start of Monday was also poor, but Bitcoin began to gain strength later in the day. It surged to a peak of just over $67,200 before bears took full control of the market and initiated a significant price drop.
In just a few minutes, Bitcoin fell by more than three thousand dollars, reaching its lowest position since May 15 at $64,000. It managed to bounce back in the following hours and is now trading near $66,000.
The performance of altcoins was quite similar, with a significant drop in prices for many tokens. Despite a slight recovery, SHIB and DOGE are still down by about 10 percent on the day. SOL, AVAX, LINK, ADA, and DOT fell by 7-9 percent.
ETH dropped to $3,450 after falling to $3,330 earlier. Larger losses were seen in NEAR, UNI, MATIC, WIF, FIL, FET, and others. This massive volatility has harmed traders with excessive leverage, as more than 190,000 of them were liquidated the previous day. The total value of liquidated positions is above $480 million within the same timeframe.
The largest single liquidation order occurred on Binance. It was worth $6.44 million and involved the ETH/USDC trading pair, according to CoinGlass.
