Bitcoin Price Crashes Toward $58K as Liquidations Surpass $250 Million

Bitcoin’s price tumbled below $60K today, rendering the entire move up toward $63K from earlier – a bull trap.

At the time of this writing, BTC trades at around $58.8K but it reached a low of about $57,800 earlier.

This puts Bitcoin on a decline of 3.7% for the past 24 hours and 3.6% for the past week. Most of the altcoins are also deep in red.

Ethereum lost 4.4%, Solana – 9.3%, BNB – 5.4% – all in the last day.

This is the reason the total liquidations are also ramping up. At the time of this writing, data from Coinglass reveals that there were $262M, $233M of which are long positions.

As CryptoPotato reported, meme coins also plummeted. Shiba Inu (SHIB) fell by some 6% on the day, putting its weekly loss to 8%. Other meme coins are also down. WIF dropped by 10%, FLOKI – by 11%, MEW – by 13%, POPCAT – by 17%, and so forth.