$1.12 Billion Liquidated as Bitcoin Dips Below $63,000
- Total liquidations reached approximately $1.12 billion on June 3.
- Bitcoin accounted for $601.2 million of the liquidations.
- Ethereum saw $252.9 million in liquidations.
- Long positions faced the majority of losses, with $949 million liquidated compared to $168.7 million in shorts.
- Bitcoin briefly dipped to $62,569 on Binance, highlighting the importance of the $60K support zone.
The cryptocurrency market experienced significant volatility as major assets like Bitcoin and Ethereum saw substantial liquidations, primarily affecting long positions due to leveraged trading strategies.
This event underscores the risks associated with high leverage in crypto trading, as evidenced by the substantial losses incurred by long traders when bitcoin prices fell below key support levels like $63,000.( Source)
