Bitcoin Plummets Below $75K as Crypto Liquidations Soar

Bitcoin's recent price action has been marked by significant fluctuations, with the cryptocurrency plummeting below $75,000 for the first time in over a month on Saturday. According to data from CoinGlass, the coin dipped as low as $74,344 in the early hours of the day, before rebounding slightly to its current trading price of around $75,500.

This decline has resulted in a substantial increase in crypto liquidations, with a total of $917 million worth of positions being liquidated over the last 24 hours. Of this amount, $371 million was attributed to Bitcoin itself, while Ethereum accounted for approximately $261 million.

The data also shows that long positions dominate the carnage, with $827 million worth of liquidations resulting from these bets. While there is no immediately obvious trigger for Bitcoin's latest leg down, industry experts suggest that rising U.S. Treasury yields may have contributed to the decline in Bitcoin ETFs.