Just days before the Bitcoin halving event, BTC records a nearly 10% drop in a day, dragging the crypto market down with it.
Bitcoin crashes before its halving and drags SOL, DOGE, and the market down with it
With less than 20 days until its halving and following a record monthly close, Bitcoin plunges by 6.35% and dips below $66,000. Other major cryptocurrencies like ETH and BNB also experience similar losses. Solana drops by 9.3%, while Dogecoin tumbles by over 12%.
500 million dollars in liquidations
This bloody Tuesday has already caused over 500 million dollars in liquidations. The majority of these liquidated positions appear to be long positions, with traders betting on market growth. On the other hand, short bettors have faced around 85 million dollars in liquidations within the last 24 hours.
According to many traders, the last line of defense for Bitcoin is around $64,000, with significant downside risks below this level. At the time of writing this article, BTC is trading just above $65,000.
