Cryptocurrency Markets See Sharp Decline as Bitcoin Falls Below $62K

Market volatility continued on Thursday as Bitcoin's price plummeted below $62,000, causing a significant wave of forced selling across crypto markets.

Data from CoinGlass revealed that over 208,000 traders were liquidated in the past 24 hours, with Bitcoin accounting for approximately $800 million of those losses. The total liquidations across all crypto assets reached more than $1.5 billion.

The decline in Bitcoin's price was accompanied by a significant withdrawal from US spot Bitcoin ETFs, which saw around $1 billion in net outflows this week. This marks an extension of the record streak of weekly withdrawals from these funds.