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Crypto market reports liquidation of over $600 million as BTC falls below $25,000

 


In December 2020, the price of BTC fell to around $25,000. Recently, the same event happened in the crypto market. As a result, most altcoins experience a price crash resulting in over $600 million in liquidation.


A look at the Bitcoin price in June

BTC looked promising in early June, hitting its weekly high with a price above $32,000. Hours later, a sudden price collapse took place, pushing the price down to around $30,000. Despite several attempts to break above this level, Bitcoin was only able to stay just below it.


This development continued for days until the end of the first week of June. However, before the end of the period, the price eventually rose to the coveted $30,000. This created a green bar that broke through the longest bar of nine consecutive weekly red candles.


At that point, the asset was sold for more than $31,000. Additionally, Bitcoin's market cap was around $600 billion.


Bitcoin falls below $25,000 - liquidation of $600 million

There have been many changes in the crypto market over the past seven days. The price of bitcoin has been reported to have surged above $32,000 in the last week. Somehow BTC has failed to hold this value. The BTC price fell by a few thousand dollars and traded at a price below $25,000.


The downtrend started last weekend and currently BTC is selling at just under $23,000. This is the first time in the past 18 months that BTC has seen such a price drop.


This crash also hit major coins like Ethereum. A week ago, the price of ETH was still around $2,000. However, as of today, ETH is selling for just over $1,200. This was Ethereum's all-time high of 2018.

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