Bitcoin dropped to $63,000 on Thursday, shedding 3% in a single day after failing to hold above $65,600. The broader crypto market lost $80 billion in value, with the total market cap sliding from $2.330 trillion to $2.250 trillion. Ethereum also gave up recent gains, falling below $1,900 after touching a two-month high of $1,980 just days earlier.
The rally that fizzled
The decline came after a brief rally fueled by de-escalation news in the Middle East. Bitcoin had climbed from $63,750 to a monthly peak of $67,000 over 36 hours last week. But that momentum evaporated quickly. The rejection at $65,600 triggered a sharp reversal, and by Thursday afternoon BTC was back where it started — and then some.
Liquidations pile up
Roughly $700 million in leveraged positions were wiped out as Bitcoin slumped. The liquidation cascade hit both long and short traders, but longs took the brunt. It's the largest single-day flush in weeks, and it reset the funding rates across major exchanges.
Altcoins take a beating
HYPE token led losses among larger caps, dropping 8% to $55. Audiera's BEAT token was the day's biggest loser, plunging 25% to $2.74. NEAR, SHIB, and PI each fell by 9-10%. XRP, SOL, ZEC, LINK, XLM, and ADA also saw significant declines. The selloff was broad — no corner of the market was spared.
Bitcoin's market cap now sits at $1.720 trillion, with its dominance below 57%. That's a sign that altcoins are bleeding even harder relative to BTC. Whether the $63,000 level holds will likely determine if this is a one-day shakeout or the start of a deeper correction.
