Bitcoin has dropped by about $13,000 since last Monday, plunging to just over $57,000 today. This weekend's crash has hit altcoins even harder.
As a result, liquidated positions have soared to $350 million, affecting 112,000 traders.
After a strong start last week, where Bitcoin reached $70,000, the market quickly turned negative. The most significant drops occurred on Friday, Saturday, and Sunday.
The trouble began on Friday with a weak US jobs report showing high unemployment, which led to crashes in both Wall Street and the crypto market. Bitcoin fell from $66,000 to $62,200.
On Saturday, Bitcoin slipped below $60,000 for the first time in three weeks. Sunday's decline continued, though Bitcoin briefly recovered to around $62,000 in the afternoon.
However, the downward trend resumed later, pushing Bitcoin down to $57,200, its lowest in over three weeks.
Altcoins have suffered more. Ethereum (ETH) fell to $2,700, Binance Coin (BNB) dropped below $500, and Solana (SOL) went down to $135.
In total, $350 million worth of positions were liquidated in the past day, affecting over 112,000 traders. The largest single liquidation was worth $27 million on Huobi.
