Live updates: bitcoin tumbles to $60,000 as blowout jobs data, Zcash bug keeps pressure on crypto - CoinDesk

Share this postCopy linkX iconX (Twitter)LinkedInFacebookEmailMajor leverage wipeout across crypto marketsCrypto liquidations on derivatives markets (CoinGlass)It's been a brutal week for crypto traders and not just because prices nosedived. More than $5.3 billion in leveraged long positions, or bullish bets on higher prices, have been liquidated across crypto derivatives markets since Monday, according to CoinGlass data. Friday alone accounted for roughly $1.4 billion of the damage as bitcoin (BTC) plunged below $60,000 and altcoins suffered even steeper losses. The scale of the washout rivals the late January-early February selloff, when bitcoin tumbled from around $90,000 to $60,000 in a matter of a week. Large liquidation cascades often mark periods of capitulation, when leverage is flushed out of the system and weaker hands are forced to exit. Whether this week's wipeout proves to be a durable reset or simply another step lower remains to be seen, but dip-buyers started to step in below $60,000.