$350 million in liquidity as Bitcoin (BTC) price drops to 2-week low

Bitcoin price has taken a different turn for the worse in the last hour or so, with several big dips to multi-week lows below $62,000.

This is the lowest price tag for the asset since the US Federal Reserve cut interest rates in mid-September.

Cryptopotato reported earlier in the morning that BTC has recovered some ground following yesterday's drop below $63,000 and is nearing $64,000.

However, the cryptocurrency was rejected there and pushed south. Initially, it fell again to $63,000, but the bears maintained the pressure and brought it to a two-week low of $61,800 (on Bitstamp) minutes ago.

The bulls were able to intercept the move and bitcoin has recovered about a sizable since then. Most altcoins followed suit, with ETH sliding more than 3% in the last 24 hours, SOL down 3.6%, and DOGE falling more than 5%.

Interestingly, this rate cut comes after Jerome Powell, the chairman of the Fed, said yesterday that he expects two more rate cuts for the US central bank by the end of the year.

The previous price drop led to a price rally for the largest cryptocurrency, which jumped from $59,000 on September 18 to $66,000 ten days later.

This extreme volatility in the crypto market resulted in the outflow of approximately 120,000 over-leveraged traders in the previous day. The total cost of damaged areas is up to 350 million dollars. Long positions are responsible for the lion's share, but neither BTC nor ETH occupy the first position.