Bitcoin Plunges Below $62 000 as Crypto Bulls See $290 Million Liquidations
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Bitcoin's brief rally ended abruptly as it tumbled from $65,000 to below $62,000. This sharp decline led to $290 million in liquidations within 24 hours.
The delayed rate cut decision and weak US jobs report contributed to the bearish sentiment. Initial gains were reversed due to a broader risk-off environment.
Genesis Trading's $1.5 billion transfer in Bitcoin and Ethereum further exacerbated the market's downward trend. Bitcoin faced the brunt with $87.27 million in liquidations, followed by Ethereum and Solana.
Additional down pressures came from earlier supply shocks, like the German government's BTC sale and Mt. Gox distributions. Outflows from Bitcoin ETFs, particularly Grayscale and Fidelity, worsened the market scenario.
Source: beincrypto.com ↗
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