Bitcoin dips below $70K – Will $455M in liquidations derail BTC’s price recovery?

The crypto markets are bleeding, and so is Bitcoin [BTC], the largest of them all. The total cap of the crypto market is down over 5% in the past 24 hours, as market status turned to extreme fear. More than $856.01 million in crypto liquidations happened with longs, equating to $771.7 million. Of the total liquidations, Bitcoin accounted for $454.7 million, with longs taking 96%. As a result, BTC slid below $70,000 and was trading around $68,888, at press time, having lost 6% of its cap. A daily trading volume of $31.90 billion reinforced the sharp decline in price below $70,000. For Ethereum [ETH], 91% of longs were liquidated from its total of $131.95 million. Other crypto assets saw over $218 million wiped out, with long positions representing 75%.

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