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Bitcoin plunges over $3,000 in a day, wiping out $636M in long bets amid volatile market swings.

Market News
04 Jun 2026
Bitcoin
View Source
Bearish
pluang ai news

Bitcoin experienced a sharp drop to $61,310 before briefly rebounding to around $64,600, ending the day slightly below $64,000. This volatility wiped out $636 million in long leveraged bets and contributed to a total of $1.73 billion in liquidations across the crypto market. The sell-off has pushed bitcoin down 3.2% daily, 14% weekly, and nearly 30% year-to-date in 2026, with market cap falling by over $200 billion since late May. Analysts suggest the crash was driven by a mix of geopolitical tensions, institutional capital rotation, and macroeconomic stress, with some warning bitcoin could retest lows near $55,000 to $57,000 if outflows continue.

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