"Crypto Market Turmoil: $500M Liquidated as Bitcoin Slides 5%"

Bitcoin's drop below $64,000 led to over $440 million in losses for futures traders, with significant liquidations on Binance and OKX exchanges. Major cryptocurrencies like Ethereum, Solana, and Dogecoin also suffered losses, with expectations of bitcoin falling further to $55,000 amidst record-high outflows from Grayscale’s GBTC. Long bets on bitcoin took on $100 million in losses alone, with ether (ETH), Solana’s SOL, and dogecoin (DOGE) taking on a cumulative $120 million in long liquidations. Traders expect bitcoin to reach the $55,000 level in the short term, with some anticipating a correction before the next leg up.