A sharp landing for the cryptocurrency market, with Bitcoin leading a strong correction that dragged down the main altcoins as well.
Following a seemingly quiet weekend, the bears fully regained control, sending the price of the leading digital asset below the psychological threshold of 63,000. dollars. Most altcoins followed the same path, including many of those with the largest capitalization, a fact that increased the total value of liquidations from over-leveraged positions.
Why cryptocurrencies are retreating
After a quiet weekend where its price fluctuated around 64,000 dollars, bitcoin showed a slight positive volatility on Monday (22/6/2026), surpassing 65,000 dollars. and touching a multi-day high above 65,500 dollars. Its rather gradual rise was halted immediately, however, and the bears regained control.
There are many possible reasons behind the drop of bitcoin. Outflows from ETFs continue, with another 68 million dollars. being withdrawn from the mutual funds on Monday. Many analysts argued that the strengthening of the dollar is bad news for BTC, and the last few days proved this. Furthermore, online FUD (fear, uncertainty, doubt) has increased following reports that many OG (old/traditional) investors have started to liquidate their bitcoin.
The president of the USA, Donald Trump, signed an executive order to promote the research and development of quantum computing, something that is considered a significant threat to bitcoin and cryptocurrencies in general.
At the same time, the FUD continues around the company Strategy and its shares (STRC), as many analysts claim that the company might need to start selling BTC soon to cover dividends. Additionally, BTC purchases by the company were smaller lately, as it has focused on restructuring its dollar reserves (USD).
And, as usually happens, the correction of bitcoin extended to many altcoins. ETH lost the support of 1,700 dollars. following a daily drop of 2.5%, XRP is retesting the level of 1.10 dollars. after a rejection at 1.15 dollars., while SOL took a dive of almost 5% and has retreated to 70 dollars.
Liquidations are increasing
The intense volatility in the cryptocurrency markets generally leads to high levels of liquidations, and the last (as well as the previous 24) hours are no exception. The total value of positions that were wrecked in the last hour alone exceeds 170 million dollars., while the daily chart shows approximately 530 million dollars. As expected, long positions dominate, with BTC and ETH leading with 170 million dollars. and 96.5 million dollars. respectively.
Almost 120,000 traders disappeared during the last day. The largest single liquidation took place on Aster and touched 7 million dollars. in value, according to data from CoinGlass.
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