The cryptocurrency market experienced a sharp decline over the weekend, with Bitcoin's price falling by more than $6,000 in 24 hours amid expectations of a turbulent trading session in traditional markets on Monday.
Daily liquidations have reached over $1.4 billion, a clear reflection of the panic prevailing among investors.
Bitcoin, which had surpassed $88,000 last Wednesday, experienced a decline within hours and reached $81,200 twice in the following days, before temporarily recovering some of its gains towards the end of the week.
However, a new wave of selling began on Sunday evening, pushing the price to its monthly low of $74,600 during the Asian session on Monday morning.
Altcoins suffered heavier losses, with Ethereum falling below $1,500, its lowest level since October 2023.
Ripple also lost 12% of its daily value, breaking the support barrier at $2.
The losses extended to most large-cap cryptocurrencies, including LTC, DOGE, SOL, and others, which recorded double-digit declines.
According to CoinGlass data, over 460,000 traders liquidated their positions in the past 24 hours, with the largest liquidated trade exceeding $16 million, underscoring the intense volatility plaguing the market.