Crypto markets see $917 million in liquidations after Bitcoin falls below $75,000 for the first time in over a month.
Bitcoin dropped below $75,000 for the first time in over a month, hitting a low of $74,344 before rebounding to $75,500. The decline erased recent gains, with the cryptocurrency down 1.8% over 24 hours and 2.7% for the week.
The sell-off extended across major cryptocurrencies, including Ethereum, which fell 2.7% to $2,059, and Solana, down over 3% to $84. Bitcoin had traded above $80,000 last week before leading a broader market pullback.
Liquidations surged to $917 million in the past 24 hours, with Bitcoin accounting for $371 million and Ethereum $261 million. Long positions bore the brunt, totaling $827 million in liquidations. The downturn coincides with $1.25 billion in outflows from Bitcoin ETFs over six days.