Bitcoin Dips Under $64.5k As $500M Liquidations Hit 140k Traders

Bitcoin (BTC) dropped to its lowest level in more than two weeks during early trading hours, triggering widespread liquidations across cryptocurrency markets, according to industry data.

The rapid decline resulted in approximately 140,000 traders experiencing liquidated positions within hours, data from CoinGlass showed. The total value of liquidated positions increased significantly during the period.

An unidentified whale trader faced a substantial liquidation in the past 24 hours during the bitcoin downturn, according to market observers. The liquidation occurred on the HTX exchange and involved the bitcoin trading pair.

Taiwanese-American entrepreneur and former musician Jeffrey Huang, known as Machi Big Brother, was partially liquidated on his Ethereum position during the decline, according to data from blockchain analytics firm Lookonchain. Huang’s cryptocurrency portfolio had previously fallen below earlier levels, posting losses, CryptoPotato reported days earlier.

Following the latest liquidation, Huang continued to maintain long positions in Ethereum (ETH), currently holding 1,700 tokens, according to the data.

Ethereum’s price declined over the weekend after facing resistance at higher levels, marking its first significant drop since the February 6 market downturn.