Over 45,000 Liquidated Traders as Bitcoin (BTC) Slides Below $62K and Meme Coins Bleed Out
More than 45,000 over-leveraged traders have been liquidated in the past 24 hours as the cryptocurrency market turned red again.
Some of the biggest daily losers come from the ever-volatile meme coin industry, with BONK, PEPE, and FLOKI leading the adverse trend.
CryptoPotato reported the substantial gains charted by most larger-cap cryptocurrencies yesterday, with bitcoin jumping above $64,000 a couple of times.
However, the asset failed to overcome that level decisively and the bears have reemerged since then. In a matter of hours, they pushed the primary digital asset to a 10-day low of well beneath $62,000.
Despite recovering some ground since then, BTC still trades in the red, having lost more than 2% of its value.
The landscape around the altcoins is even worse. Solana leads the trend with a 5% decline that has pushed it south to $136. Ethereum, which was among the top performers yesterday, has retraced by 3.2% and now struggles to remain above $3,200.
Even more losses are evident from representatives of the meme coin realm. BONK has dumped by almost 10%, followed by PEPE (down by 8.5%), and FLOKI (-7.5%).
Naturally, these declines have harmed over-leveraged traders, with over 45,000 speculative market participants getting liquidated in the past day alone.
The total value of wrecked positions is just over $100 million. The largest single one took place on OKX and was worth nearly $3 million.
Despite the overall bearish sentiment in the market, there are still some positive signs and developments on the bitcoin front that might reverse the recent downward trajectory.
