Crypto Bloodbath – $800M Wiped Out After Bitcoin Hits Month-Low, Ethereum Longs Face $300M Flush

• Bitcoin fell below $76,000 on Monday, wiping out all of its gains for the month of May.
• CoinGlass data showed approximately $804 million in crypto liquidations over the past 24 hours, with long positions accounting for more than $700 million.
• Ethereum traders suffered the largest liquidation losses, with more than $300 million in positions wiped out during the selloff.

Bitcoin (BTC) wiped out all its gains for the month of May in morning trade on Monday after the apex cryptocurrency struggled to hold above $76,000 and over $800 million in crypto bets went underwater. 

Bitcoin’s price dropped nearly 2% in the last 24 hours to around $76,078, its lowest level for the month. On Stocktwits, retail sentiment around the apex cryptocurrency dropped to ‘bearish’ from ‘neutral’ territory over the past day, while chatter stayed at ‘normal’ levels. 

The drop came after a surge in oil prices and weakness in tech stocks. An Axios report also said that President Donald Trump turned down a new peace proposal from Iran, with the White House stating that it was “insufficient for a deal.” It added that Trump may be considering resuming the Iran War due to Iran's rejection of many of his demands.

The overall cryptocurrency market fell 2.2% in the last 24 hours to $2.6 trillion, and CoinGlass data showed $804 million in cryptocurrency liquidations over the past day, the largest liquidation event in more than three months for crypto. More than $700 million came from long positions that were forced to unwind.

One retail trader said the Bitcoin can still bounce back from current levels, but unless it hits $79,200, BTC will still be in a bear market.

Others expressed their frustration around the stock market making new record highs, while Bitcoin’s price remains range bound.

Ethereum Traders Take Biggest Liquidation Hit

Ethereum (ETH) accounted for the largest share of liquidations during the downturn. Ethereum traders saw more than $300 million in positions wiped out over the past day, compared with roughly $246 million tied to Bitcoin positions.

Ethereum’s price dropped 3.7% in the last 24 hours to around $2,100. Retail sentiment on Stocktwits around the leading altcoin improved to ‘neutral’ from ‘bearish’ territory, while chatter stayed at ‘normal’ levels. 

Dogecoin, XRP, Solana Extend Market Declines

Dogecoin (DOGE) led losses among the top 10 cryptocurrencies by market capitalization, followed by Ethereum, Ripple’s XRP (XRP) and Solana (SOL) – all of whom underperformed Bitcoin. 

DOGE’s price plummeted 6.3% in the last 24 hours to around $0.10. XRP’s price fell 3% to around $1.37, while Solana’s price dropped 2.7% to around $84. Retail sentiment on Stocktwits around Dogecoin and Solana trended in ‘bearish’ territory over the past day, alongside ‘normal’ levels of chatter.  Meanwhile retail sentiment around XRP remained in ‘bullish’ territory, amid ‘high’ levels of chatter.

Read also: Iran Reportedly Wants To Use Bitcoin To Protect The World's Most Critical Crude Oil Chokepoint

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