Bitcoin Suddenly Plummets 7% After Hitting $64K, Triggering Over $700M Crypto Liquidations




  • Bitcoin's roller-coaster price action triggered nearly $700 million in crypto liquidation over the past 24 hours, CoinGlass data shows.
  • The sell-off echoed throughout all digital assets, resulting in the CoinDesk20 Index falling almost 5% on Wednesday.

Bitcoin's (BTC) breakneck rally quickly turned sour early Wednesday afternoon, with the price plunging 7% from a $64,000 high, turning into a bloodbath for leveraged traders.

BTC rapidly surged earlier during the day, surpassing the $60,000 level for the first time since November 2021. After hitting a high of $64,037, it abruptly fell to $59,400, the CoinDesk Bitcoin Index (XBX) shows. Its price had bounced back over $61,000 before another wave of sell-off pushed it again to near the same level. At press time, BTC was changing hands at $61,122.

The sell-off reverberated across the broader digital assets market, with the CoinDesk 20 Index (CD20) dropping almost 5% after hitting a fresh all-time high of 2,260 earlier on Wednesday. Major cryptocurrencies in the CD20, such as ether (ETH), Solana's SOL, XRP, Cardano's ADA, dogecoin (DOGE) and Avalanche's AVAX also dropped as much as 4%-9% in an hour.