Solana Meme Coin SEAL Hits $2.5M in Presale Ahead of Exchange Listings
Bitcoin Suddenly Plummets 7% After Hitting $64K, Triggering Over $600M Crypto Liquidations
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Krisztian Sandor
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Bitcoin’s roller-coaster price action triggered over $600 million in crypto liquidation.
The sell-off echoed throughout all digital assets, resulting in the CoinDesk20 Index falling almost 5% on Wednesday.
Bitcoin’s (BTC) breakneck rally quickly turned sour early Wednesday afternoon, with the price plunging 7% from a $64,000 high, turning into a bloodbath for leveraged traders.
BTC rapidly surged earlier during the day, surpassing the $60,000 level for the first time since Nov. 2021. After hitting a high of $64,037, it abruptly fell to $59,400, the CoinDesk Bitcoin Index (XBX) shows. Its price had bounced back over $61,000 before another wave of sell-off pushed it again to near the same level. At press time, BTC was changing hands at $60,600.
The sell-off reverberated across the broader digital assets market, with the CoinDesk20 Index (CD20) dropping almost 5% after hitting a fresh all-time high of 2,260 earlier on Wednesday. Major cryptocurrencies in the CD20, such as ether (ETH), Solana’s SOL, XRP, Cardano’s ADA, dogecoin (DOGE) and Avalanche’s AVAX also dropped as much as 4%-9% in an hour.
Large-cap altcoins in the CoinDesk20 Index (CoinDesk)
The sudden drop in prices caused a total of over $600 million in liquidations for all digital assets, flushing out leveraged trading positions, CoinGlass data shows.
Meanwhile, amid the digital assets market’s roller-coaster, some Coinbase users were surprised to see zero balances in their exchange accounts. The company has since confirmed the incident and is investigating the matter.
UPDATE (Feb. 28, 18:47 UTC): Updates to include revised price action.
