Bitcoin’s 8% drop to a nine-week low liquidated $1.83 billion in crypto derivatives, the largest since February’s sell-off.
Bitcoin fell to $65,360, its lowest level since March 29, erasing $1.83 billion in crypto liquidations as geopolitical tensions escalated. The 8% decline from Tuesday’s high of $71,300 triggered a market-wide correction, with $774.2 million in Bitcoin longs liquidated.
The drop extended Bitcoin’s deviation from its local high of $82,800 to 21%, marking the largest liquidation event since February 6, when BTC briefly dipped below $60,000. Ether accounted for $440 million in liquidations, while total long positions wiped out reached $1.58 billion.
Traders are now watching the $60,000 level as critical support to prevent a deeper correction in Bitcoin’s price.