The price of Bitcoin failed to decisively overcome the $71,000 mark today, and the subsequent rejection pushed the asset sharply lower, falling to around $65,000.
Altcoins have suffered even more, with numerous double-digit losses for assets such as XRP, SOL, DOGE, TON, ADA and many more.
BTCUSD. Source: TradingView
CryptoPotato reported on BTC's previous attempts to break above $71,000, but they met with little success. The bears managed to intercept the moves and pushed the cryptocurrency to around $70,000.
However, that was just the beginning of Bitcoin’s Red Friday. Following a recent warning that the situation could soon worsen, the asset's price plunged to a weekly low of around $65,000.
Although BTC has since recovered somewhat and is now at around $67,000, it is still down around 5% on the day.
The alternative coins saw even steeper price drops. Ethereum has lost 8% of its value and is currently down to $3,230.
Even worse are stocks like SOL,
Overleveraged traders have felt these massive price swings as liquidations surged to nearly $500 million in the last hour alone. According to CoinGlass, the 12-hour count is over $800 million.
Nearly 300,000 traders were wiped out in the past day. The largest single liquidated position was placed on OKX and was valued at more than $7 million.
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