Bitcoin (BTC) price fell $6,000 and liquidation volume soared to $500 million in one hour.

Bitcoin price failed to decisively overcome the $71,000 level today, with subsequent rejections sending the asset down to around $65,000.

Altcoins suffered even more, with numerous double-digit losses such as XRP, SOL, DOGE, TON, ADA, etc.

cryptocurrency We previously reported BTC’s attempts to overcome $71,000, but with little success. The bears blocked the move and pushed the cryptocurrency to around $70,000.

But that was just the beginning of Bitcoin’s Red Friday. After recent warnings that the situation could soon get worse, asset prices plunged to a weekly low of around $65,000.

BTC has since recovered somewhat and is currently hovering around $67,000, but is still down about 5% on the day.

Alternative coins have experienced even more violent price declines. Ethereum has lost 8% of its value and is currently at $3,230.

More pain comes from SOL, XRP, DOGE, TON, ADA, AVAX, BCH, SHIB and DOT etc. All of these have declined by double digits on a daily basis.

Overleveraged traders felt these massive price swings as liquidations soared to nearly $500 million in the last hour. According to CoinGlass, the 12-hour value is over $800 million.

Nearly 300,000 traders have disappeared in the past day. The largest single liquidated position was located on OKX and was worth over $7 million.