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HomeFinance NewsBitcoin (BTC) drops to $61K, causing $700 million in liquidations; Altcoins also...

Bitcoin (BTC) drops to $61K, causing $700 million in liquidations; Altcoins also affected.

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The cryptocurrency markets experienced a significant downturn over the weekend, with over $200 billion leaving the space. The total liquidations soared to $700 million, following a massive $900 million loss the day before. The primary cryptocurrency, Bitcoin, took a hit after US Fed speeches indicated no imminent changes in monetary policy, causing it to drop by $5,000 to $6,000 in a matter of minutes and leaving nearly 300,000 traders with liquidated positions.

Bitcoin’s price volatility continued as it briefly recovered but then fell to a multi-week low of around $61,000. Altcoins fared even worse, with double-digit losses across the board for coins like SOL, XRP, BNB, DOGE, and others. The overall cryptocurrency market capitalization dropped by $200 billion in just one day, and over $400 billion since the previous day, leading to another 220,000 traders being liquidated and losing $800 million in the process.

The recent crash in cryptocurrency prices is believed to be influenced by heightened tensions between Israel and Iran, adding to the market uncertainty. With escalating geopolitical issues and the current market volatility, crypto traders and investors are facing challenging times as they navigate through the fluctuations and uncertainties in the digital asset space.

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