Bitcoin back above $66k after weekend of panic selling

Quick Take

The digital asset ecosystem experienced a shaky weekend, with Bitcoin plummeting to around $65,000 from its $70,000 trading price on Friday, April 12. The downward trend continued into the weekend, with Bitcoin further declining to $60,800 amidst geopolitical tensions in the Middle East on Saturday evening. However, following a reduction in tension and the approval of Hong Kong ETFs Bitcoin has recovered back above $66,000.

According to Coinglass, April 12 witnessed approximately $880 million in liquidations, with long liquidations accounting for roughly $780 million. The following day, April 13, saw even more liquidations at roughly $950 million, with long liquidations comprising around $770 million. These two events marked one of the most significant long liquidation incidents since October, second only to March 5, which saw liquidations exceed $850 million.