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Bitcoin Price Crashes Towards $58K as Liquidations Surpass $250M
Today the price of Bitcoin has collapsed below $60,000, making the entire move towards $63,000 from before a bullish trap.
At the time of writing, BTC is trading at around $58,800, but had previously hit a low of around $57,800.
This puts Bitcoin down 3.7% over the past 24 hours and 3.6% over the past week. Most altcoins are also in deep red.
Ethereum lost 4.4%, Solana 9.3%, BNB 5.4%, all in the last day.
This is why total liquidations are also increasing. At the time of writing, Coinglass data reveals that there were $262 million, of which $233 million were long positions.
Like CryptoPotato reportedMeme coins are also down. Shiba Inu (SHIB) is down about 6% on the day, bringing its weekly loss to 8%. Other meme coins are also down. WIF is down 10%, FLOKI is down 11%, MEW is down 13%, POPCAT is down 17%, and so on.