Bitcoin Price Drops to $65,000: $1.8 Billion in Liquidations

The price of Bitcoin (BTC) fell by 8% amid escalating geopolitical tensions between the US and Iran, dropping to a nine-week low of $65,360. According to TradingView data, this level recorded on the Bitstamp exchange is the lowest since March 29, indicating that sellers have taken control of the market. Cointelegraph.com reports .

The price decline triggered massive liquidations in the derivatives market. Specifically, over $1.58 billion in long positions were closed. Of this amount, $774.2 million was directly attributed to Bitcoin, while $440 million in Ethereum (ETH) positions were liquidated.

In total, combining both short and long positions, $1.83 billion was wiped out from the market. This is the largest liquidation event since February 6, when the BTC price fell below $60,000. CryptoBanter analysts called it the biggest single-day loss in recent months.

An analyst under the pseudonym Byzantine General explained the sharp market shift based on data from major exchanges such as Binance, Bybit, OKX, and Deribit. Another expert, DonaX₿τ, noted that today's $1.5 billion in long liquidations is slightly less than the crisis during the 2020 pandemic ($1.6 billion).