Bitcoin Trader (BTC) sees its price fall to $60K as Crypto Bulls see $650M in liquidations.

Futures tracked by cryptocurrencies lost more than $800 million, the second-biggest loss of the year, according to the data. Longs or bets on higher prices suffered $660 million in liquidations, which likely contributed to the sharp downturn. Liquidation occurs when an exchange is forced to close a trader’s leveraged position due to loss of part or all of the trader’s initial margin.