Crypto Carnage: Nearly $200 Million Liquidated as Bitcoin Slips Below $61,000

Share This Post

In a turbulent 24-hour trading session, the cryptocurrency market saw nearly $200 million wiped out in liquidations as Bitcoin price dropped below $61,000. This sharp decline triggered a wave of liquidations, affecting many investors and traders.

Market Meltdown And Crypto Liquidation

The total market valuation has plunged by approximately 2.7% to around $2.34 trillion, underscoring heightened volatility and market stress.

Bitcoin, leading the downturn, shed 1.3% over the week, with a steep 2.8% drop recorded in the last day. This downturn has not only decreased the value of many investors’ portfolios but has also led to substantial losses for traders via liquidations.

Bitcoin (BTC) price chart on TradingView

Data from Coinglass highlights the extent of the carnage, with 59,816 traders liquidated and total liquidations amounting to $170.72 million.

The liquidations were predominantly from long positions, suggesting that many traders expected the market to rally. Bitcoin traders faced approximately $45.76 million liquidations, with Ethereum and Solana traders experiencing $44.55 million and $11.09 million, respectively.

Bitcoin and others total liquidations.

The arena for these liquidations was on major exchanges like Binance, OKX, Huobi, and Bybit, with Binance traders bearing the brunt at $74.77 million.

While other exchanges such as OKX, Huobi, and Bybit also experienced significant liquidations, amounting to $54.29 million, $19.28 million, and $12.93 million, respectively. Despite also facing liquidations, the smaller exchanges had a comparatively minor impact.

Total liquidations from crypto exchanges.

Analysts’ Viewpoint On Bitcoin Current Performance

Despite the current downturn, some market analysts remain optimistic about Bitcoin’s prospects. PlanB, a respected figure in the crypto community, reaffirmed that the bull market is still ongoing, suggesting that underlying on-chain metrics do not show any abnormalities that would indicate a prolonged bear market.

Additionally, crypto analyst Ali recently suggested on Elon Musk’s social media, X, that now might be an opportune time to buy Bitcoin, anticipating a market rebound.

Furthermore, vocal Bitcoin advocate Samson Mow has emphasized the importance of Bitcoin in addressing fundamental economic issues, suggesting that fixing monetary systems could be the key to broader economic recovery.

His views highlight the potential of Bitcoin not only to recover but also to reach new heights in the financial landscape.

Featured image created with DALL-E, Chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Watch: Struggles at $84K—Will Bulls Take Control?

Bitcoin traded at $84,222 on March 15, 2025, with a market capitalization of $167 trillion, a 24-hour global trade volume of $2599 billion, and an intraday price range between $82,705 and $85,139,

Major leadership shift at HK Asia Holdings as Bitcoin Magazine takes the helm

In a significant move that solidifies Bitcoin Magazine’s presence in Asia, HK Asia Holdings (01723HK) has announced key leadership changes effective March 14, 2025 This development marks a

Top Altcoins to Invest in as Pump.fun Mania Fizzles Out

The meme coin frenzy that took the crypto world by storm is now showing signs of exhaustion  Platforms like Pumpfun, which allowed anyone to launch altcoins in minutes, are experiencing a sharp

Bitcoin Breaches 12-Year Support Line Against Gold – Is The Bull Run Over?

As Bitcoin (BTC) struggles amid the latest crypto market pullback – failing to decisively break past the $84,000 resistance – gold (XAU) continues its impressive rally, soaring to a

Pakistan forms new ‘Crypto Council’ to regulate blockchain and digital assets

The government of Pakistan has established the Pakistan Crypto Council (PCC) to oversee the integration and use of blockchain technology and digital assets into the nation’s financial landscape

Stablecoins Thrive as Crypto Stumbles: A $4.23B Growth Spree in 2 Weeks

While the crypto market contracted over the past two weeks, the stablecoin sector has ballooned by $423 billion since March 1, defying the broader trend Digital Dollars Dominate With Over 8% of