Bitcoin Price Plunges Below $63K Amidst Mass Liquidations

Bitcoin plummeted below $63,000 after experiencing strong selling pressure, leading to a weakening of risk appetite in the cryptocurrency market. According to data, the price dropped to $62,644, losing over 5% in value within the last 24 hours.

The decline wasn't limited to Bitcoin; other cryptocurrencies like Ethereum fell by over 5%, BNB dropped 4.90%, XRP lost 5.83%, and Solana fell 6.98%. Among the top 10 cryptocurrencies, Hyperliquid experienced a loss of over 11%.

The sharp pullback in the cryptocurrency market led to large liquidations in the futures market, with a total amount of $599.69 million being liquidated within the last 24 hours. Of this, $496.27 million was from long positions and $103.42 million from short positions.

Strategy's preferred stock, STRC, which pays an annual dividend of 11.5%, fell to an all-time low of $85.32. The company stated in its latest 8K filing that its Bitcoin reserves are large enough to cover its annual dividend and interest expenses for 32 years.