Bitcoin Liquidations Skyrocket as Price Tumbles Below $64,000
Bitcoin's market value plummeted below $64,000 on Friday after reaching nearly $67,000 mid-week. The sudden drop triggered $312 million in total crypto liquidations and reduced Bitcoin's market capitalization to $1.285 trillion.
The cryptocurrency briefly dipped below $64,000 before rebounding above the level, leaving it down roughly 1% on the day. This reversal occurred despite global crude oil prices hitting two-month highs on July 23, with Brent crude dropping below $100 a barrel.
Bitcoin's market data shows that it rose steadily from just over $64,800 Thursday afternoon to $65,705 by 3:15 a.m. EST on Friday. However, immediately after, a sell-off sent the cryptocurrency tumbling to an intraday low of $63,666, wiping out more than $2,000 in just over seven hours.
The decline also triggered $87 million in bitcoin liquidations, $70 million in long positions and $17 million in shorts. Across the broader market, $312 million in leveraged positions were wiped out, with long bets accounting for $242 million of the total.