Bitcoin's price dropped to roughly $60,000 on Thursday, triggering $1.76 billion in liquidations across crypto markets over the past 24 hours. The sudden decline caught leveraged traders off guard and erased gains from earlier in the week.
The liquidation cascade
The $1.76 billion figure reflects forced closures on major derivatives exchanges. The majority were long positions — bets on rising prices — that were automatically closed as Bitcoin slid. The resulting selling pressure pushed prices down further, creating a cascade of margin calls. The bulk of the liquidations occurred within a few hours, underscoring the speed of the move. The event highlights how leveraged the market remains, with many traders exposed to sharp reversals.
No clear culprit
A clear trigger for the selloff has yet to emerge. The drop began during Asian trading hours, when liquidity is typically thinner. Volumes jumped as stop-loss orders were hit, but there were no obvious regulatory or macroeconomic news items that lined up with the decline. The lack of an identifiable cause has left the market searching for an explanation. The selloff also affected altcoin markets, with liquidations spread across various tokens.
Holding the line at $60,000
Bitcoin was hovering near $60,000 late Thursday, with some buying interest appearing at that level. The round number often acts as a psychological support, and whether it holds will likely shape sentiment in the coming days. If selling resumes, a break below could invite further losses. Traders are watching order books and any new headlines for clues on the next move.
