Over $700 Million Liquidated in a Day as Bitcoin Price Dipped Below $63K

Today was looking to be a good day for Bitcoin and the entire cryptocurrency market, but the bears had a mind of their own.

• Earlier today, we reported that Bitcoin’s price painted a new all-time high above $69K, while the remaining cryptocurrencies were also painting notable increases.
• Fast forward a few hours later, though, and we’re now looking at love $700 million worth of liquidated positions as BTC takes a nosedive and dips below $63K.

Chart by TradingView

• Even though the price recovered to about $65K, at the time of this writing, BTC is still down about 4% on the daily.
• The rest of the market also tumbled as the total capitalization lost a little less than $200 in the process.
• Data from Bybt shows that 81% of the liquidations came from long positions, and the majority of them happened on Binance.
• Meanwhile, the largest single liquidation order happened on Bitmex, and it had a face value of $65.66 million.
• Interestingly enough, it was a Cardano position, and it accounted for roughly 65% of the total ADA liquidations during the past 4 hours.