Bitcoin Plummets, Erasing $661 Million in a Day Amid Market Turmoil

Bitcoin’s value experienced a significant drop amidst a tumultuous day in the cryptocurrency market, leading to over $661 million in crypto liquidations and affecting nearly 200,000 traders. The sharp decline saw Bitcoin‘s price fall by 7.5% from $72,000 to $66,500 within just a few hours of trading on March 15. Despite a brief recovery to the $68,000 mark, the cryptocurrency faced resistance and dropped to approximately $67,500, marking an 8.3% decrease from its March 14 peak of $73,737. The bulk of the liquidations, which accounted for 80% or $525.2 million, were long positions, while short-position liquidations amounted to $136.5 million.