Another $700 Million in Liquidations as Bitcoin (BTC) Dumps to $61K, Altcoins Bleed Out

The cryptocurrency markets plummeted on Friday evening, and the same violent scenario was repeated once again on Saturday.

The entire market has bled out, with another $200 billion leaving the space. The total liquidations have skyrocketed to $700 million after the $900 million last night.

It was all going well for the primary cryptocurrency until Friday evening, as the asset had calmed at around $70,000-$71,000. However, the situation changed following the latest US Fed speeches that didn’t hint at any significant changes in the central bank’s monetary policy in terms of interest rate reduction.

In a matter of minutes, BTC slumped by five to six grand, dumped to $65,000, and left approximately $900 million in liquidations from almost 300,000 traders.

While that market crash also harmed other asset classes, like Wall Street and gold , today’s developments are only for crypto, given that it is an open market that never stops trading.

Bitcoin, for instance, had recovered some ground and traded at around $67,000. However, it dumped once again, this time to a multi-week low of around $61,000 in the past few hours.

The altcoins have bled out even more. Double-digit price losses are evident from almost all of them, including SOL, XRP, BNB, DOGE, SHIB, AVAX, and many more.

The total crypto market capitalization has declined by around $200 billion in a day and more than $400 billion since Friday morning.

These price fluctuations have liquidated another 220,000 traders in the past 24 hours. The total value of wrecked positions is at $800 million in the same time frame, according to CoinGlass.

It seems the latest price crash has come to fruition after the escalating tension between Israel and Iran.