Bitcoin plummets to $62,000

Bitcoin's (CRYPTO:BTC) price dropped from over $64,000 to under $62,500, reaching a multi-week low, and resulting in the liquidation of more than 60,000 traders.

The cryptocurrency has seen a 3% daily and 6% weekly decline, following a brief peak of $67,000 last Tuesday.

The overall crypto market is similarly impacted, with meme coins like FLOKI (CRYPTO:FLOKI), WIF (CRYPTO:WIF), and PEPE (CRYPTO:PEPE) suffering the most significant losses.

Larger-cap altcoins such as ETH (CRYPTO:ETH), BNB (CRYPTO:BNB), and DOGE (CRYPTO:DOGE) have also declined by around 4%.

Despite the volatility, daily liquidations are relatively low at $135 million.