• Bitcoin (BTC) price plunged by $2,500 in minutes, falling to a new monthly low of $54,400
• This volatility led to around $150 million worth of liquidations across the crypto market
• The largest single liquidated position was on HTX exchange and was worth over $13 million
Bitcoin experienced a significant price drop in minutes earlier today, plummeting below $54K and causing over $150M in liquidations.
The Price Crash
After finally seeing some relief with a minor rally to $57K following the US jobs report, Bitcoin faced another swift selloff. Within minutes, the price crashed from $57K down to $54.4K – a monthly low.
Ethereum, Solana, XRP and other major altcoins followed suit, with double-digit percentage drops. This extreme intraday volatility has liquidated over 45,000 traders in the past day alone.
Massive Liquidations
The total liquidations from this sudden crash have skyrocketed to about $150 million daily. The largest single liquidation was an enormous $13M wreck on HTX.
Bitcoin’s Recent Struggles
The primary cryptocurrency has struggled significantly over the past week, tumbling from $65K last Monday down to today’s $54K lows.
Persistent macroeconomic concerns like rising inflation and interest rates, as well as micro factors like over-leverage, have driven Bitcoin’s latest selloff. For now, bullish sentiment remains muted as BTC tries to find support.
Outlook Moving Forward
With heavy liquidations and fear spreading, Bitcoin may continue facing adversity in the short term. However, if $54K holds as support, BTC could stabilize and potentially bounce back. But the overall macro backdrop remains uncertain, meaning further downside is definitely possible.
