BTC Pullback To $67K Triggers $250 mn In Crypto Liquidations

By Kapil Rajyaguru

Cryptocurrencies tumbled deeper into correction on Tuesday with bitcoin (BTC) dipping to near $67,000 as traders brace for Wednesday’s key U.S. inflation report and Federal Reserve meeting.

Bitcoin (BTC) started the day trading near $70,000 before hitting a three-week low price at $66,170 during the U.S. session. It slightly rebounded to near $66,500, but was still down nearly 5% over the past 24 hours.

Altcoins saw even deeper pullbacks during the same period, with the broad-market crypto market benchmark CoinDesk 20 Index declining over 6% with all twenty constituents being in the red. 

Ethereum’s ether (ETH) broke below $3,500 and was down 6.5%, while solana (SOL), dogecoin (DOGE), Cardano’s ADA and Chainlink’s LINK endured 6%-9% losses.

The sudden pullback incurred over $250 million in liquidations of leveraged derivatives trading positions across all crypto assets, CoinGlass data shows, marking the second significant leverage flush in a week after Friday’s $400 million liquidations.

The global crypto market cap is $2.42T, a 4.13% decrease over the last day. The total crypto market volume over the last 24 hours is $95.14B, which makes a 43.83% increase. The total volume in DeFi is currently $6.47B, 6.80% of the total crypto market 24-hour volume. The volume of all stable coins is now $88.61B, which is 93.14% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 54.59%, an increase of 0.37% over the day.

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