Bitcoin Traders Face $75 Million in Liquidations After Three Failed Attempts to Breach the $65,600 Mark
Bitcoin experienced significant volatility on Monday, with its price failing to hold above $65,500 after three unsuccessful attempts, leading to a drop to $64,336. This price action triggered the liquidation of over $75 million in leveraged positions within 24 hours, with nearly $45 million in short positions and around $30 million in long positions being wiped out. Initial price surges were linked to easing Middle East tensions, but the upward momentum stalled due to weak inflows into spot Bitcoin ETFs, ongoing regulatory uncertainty surrounding the CLARITY Act, and a decision by a major institutional player (Strategy/MSTR) not to increase its Bitcoin holdings despite raising new capital. Despite the turbulence, Bitcoin's market cap remained around $1.3 trillion, and the cryptocurrency is poised to end July in positive territory after starting the month below $59,000.
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