Bitcoin Falls to $65K as $1.8B in Crypto Positions Are Liquidated

Bitcoin dropped 8% to a nine-week low of $65,360 from Tuesday’s high of $71,300 amid increasing geopolitical risks surrounding the US-Iran war. The token slipped to $65,000 on Wednesday in a market-wide correction, liquidating $774 million in longs, with TradingView showing new lows of $65,362 on Bitstamp, the lowest since March 29.

The move extended the deviation from the local high of $82,800 to 21% and coincided with massive derivatives liquidations. More than $1.58 billion in long positions were liquidated, with Bitcoin accounting for $774.2 million and Ether following with $440 million.

Across the market, $1.83 billion in short and long positions was wiped out, marking the largest liquidation since Feb. 6 when Bitcoin fell below $60,000.

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