Another $700 million in liquidations as Bitcoin (BTC) plummets to $61,000 and altcoins bleed dry

Cryptocurrency markets collapsed on Friday evening, and the same violent scenario repeated itself again on Saturday.

The entire market has bled dry and another $200 billion has disappeared from the market. Total liquidations rose to $700 million after last night's $900 million.

BTCUSD. Source: TradingView

By Friday evening, everything was going well for the primary cryptocurrency as the asset had settled around $70,000 to $71,000. However, the situation changed after the US Federal Reserve's recent speeches, in which no significant changes in the central bank's monetary policy with a view to cutting interest rates were suggested.

In a matter of minutes, BTC plummeted by five to six grand, falling to $65,000 and leaving about $900 million in liquidations from nearly 300,000 traders.

While this market crash also hurt other asset classes such as Wall Street and gold, today's developments only affect cryptocurrencies as it is an open market that never stops trading.

Bitcoin, for example, had recovered somewhat and was trading at around $67,000. However, the price crashed again, this time in the last few hours to a multi-week low of around $61,000.

The altcoins have bled even harder. Almost all of them have seen double-digit price losses, including SOL, XRP, BNB, DOGE, SHIB, AVAX and many more.

The total crypto market cap is down by about $200 billion in a day and by more than $400 billion since Friday morning.

These price swings have liquidated an additional 220,000 traders in the last 24 hours. According to CoinGlass, the total value of positions destroyed during the same period is $800 million.

It appears that the recent price decline has borne fruit following escalating tensions between Israel and Iran.

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