More Pain: Over $1 Billion of Liquidations as Bitcoin Slides to $61,000

Crypto market sell pressure was relentless on Tuesday, with Bitcoin’s price drifting as low as $61,000, triggering more than $1 billion in liquidations across the crypto market.

• Data from Coinglass shows that $1.17 billion in liquidations have occurred over the past 24 hours, including $876 million of long trades and $292 million of shorts.
• This follows Bitcoin’s brief and narrow reclaim of its all-time high on Tuesday morning, rising to $69,200 before the market dumped.
• Over 313,000 traders have been liquidated over the past day. The largest single liquidation occurred on a LINK/USD trade on Bitmex valued at $11 million.
• Popular Bitcoin veterans on Twitter say the pullback is largely healthy and expected after claiming historic highs. “Large sellers use the anticipation of the moment to dump into a high liquidity moment,” wrote Vijay Boyapati, author of The Bullish Case for Bitcoin, in post to X.
• Bitcoin trades for over $62,400 at writing time.