Leveraged traders saw $935.6 million wiped out as Bitcoin fell 4.5% to a six-week low of $72,620.
Bitcoin’s drop to $72,620 triggered $935.6 million in crypto liquidations over 24 hours, as overleveraged traders faced margin calls. The decline erased all gains since April 13, following reports of U.S. military strikes on Iran.
The sell-off pushed BTC 4.5% below its Wednesday high of $76,050, marking its lowest level in six weeks. The broader crypto market shed over $80 billion in value, with $874 million in long positions liquidated, led by Bitcoin ($348.5 million) and Ether ($228.5 million).
Traders now eye $70,000 as critical support, warning a break could accelerate losses toward $65,000.