The US nonfarm payrolls report came in far stronger than anticipated, reigniting fears that the Federal Reserve may delay rate cuts or even raise rates. Panic quickly spread to crypto markets. Early on June 6 Beijing time, Bitcoin (BTC) broke below the $60,000 level under relentless selling pressure, while Ethereum (ETH) slumped past $1,550. Investors were caught off guard as the selloff intensified.
Over 307K Liquidated, $1.52B Wiped Out in 24 Hours
The price crash triggered a cascade of forced liquidations in derivative markets. According to CoinGlass data, more than 307,470 traders were liquidated in the past 24 hours, with total liquidations amounting to $1.52 billion. Long positions bore the brunt of the damage.
Largest Single Liquidation: $13.31M on Binance
The single largest liquidation order occurred on Binance's BTCUSDT pair, a long position worth $13.31 million wiped out. The macroeconomic shock serves as a stark reminder of the risks tied to leverage in highly volatile market conditions.