Bitcoin falling below $70K causes liquidation of $400 million

Bitcoin plummets below $70,000, leading to $400 million in mass liquidations

This mainly affected long positions as traders bet on rising prices. On June 7, Bitcoin fell 2.83% to settle at $69,262, bringing the total cryptocurrency market capitalization down 3.48% to $2.55 trillion. The decline led by US jobs data led to bearish sentiment, with weighted sentiment falling to -0.794, indicating negative sentiment prevailing.

Liquidations reached $410.42 million, with Bitcoin contracts alone totaling $70.73 million. The optimism that fueled long positions faded, suggesting further price declines could reach $67,450. However, Bitcoin ETFs saw net inflows of $131 million, hinting at potential resilience. Next week's FOMC meeting on June 12 is significant; Lower rates could boost Bitcoin, while higher rates could push prices lower.

According to ambcrypto.com