Late on June 8 (UTC+8), the crypto market saw a strong buying wave. Bitcoin (BTC) broke above $64,000, while Ethereum (ETH) climbed back above $1,700. Over the past 24 hours, total liquidations reached $602 million, with more than 100,000 traders wiped out.
Overnight Rally Pushes BTC Above $64,000
After days of volatile swings, the market reversed sharply on the night of June 8. A flood of buy orders lifted Bitcoin past the $64,000 mark, and Ethereum followed suit, reclaiming the $1,700 level. Sentiment quickly shifted from bearish to bullish.
103,000 Liquidated; Binance Sees $12.1M Single Order
The rapid bounce caught short sellers off guard. According to CoinGlass, 103,262 traders were liquidated in the past 24 hours, totaling $602 million. The largest single liquidation order occurred on Binance's BTCUSDT pair, worth $12.1 million.
The violent move serves as a reminder for traders to use strict stop-losses when leveraging positions, as extreme volatility can erase capital in minutes.