In a dramatic turn of events, Bitcoin has plunged to a nine-week low of $65,360, unleashing a wave of liquidations that wiped out approximately $1.8 billion in cryptocurrency positions. This sudden drop, paired with rising geopolitical tensions stemming from the ongoing US-Iran conflict, has traders on edge as they brace for a test of the critical support level at $60,000.
On June 3, 2026, Bitcoin's value plummeted by 8% from a prior high of $71,300, signaling a broader market correction that sent shockwaves through the crypto landscape. According to data from TradingView, Bitcoin's lowest transaction price was recorded at $65,362 on Bitstamp, hitting the lowest point since late March as sell pressure heightened and buyers retreated.
Massive Liquidations Sweep the Market
The tremors of Bitcoin's decline reverberated throughout the market, leading to approximately $1.83 billion in liquidations across all exchanges, making this one of the largest single-day liquidation events seen since February. Analysts reported that over $1.58 billion in long positions were liquidated, with Bitcoin accounting for a staggering $774.2 million. Ethereum followed suit, contributing $440 million to the liquidation tally.
This sweeping liquidation is reminiscent of the market's drastic responses during previous downturns, with Blockchain analyst Byzantine General labeling it the highest long liquidation for Bitcoin since the infamous
Source: CoinTelegraph Bitcoin
