Altcoins Get Crushed as Bitcoin Fights for $62K

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Bitcoin (BTC) and the wider crypto market remain under heavy pressure after another volatile 24 hours erased billions from digital asset valuations and triggered a fresh wave of liquidations. BTC briefly dipped near $61K before recovering some ground, whereas several major altcoins posted much steeper losses. The latest selloff also coincided with a historic collapse in Zcash (ZEC), which plunged after developers disclosed a critical vulnerability.

Bitcoin Holds Above $62K as Liquidations Top $1.2 Billion

Specifically, Bitcoin traded around $62,500 at the time of writing on June 5, according to the latest market data. The asset briefly fell below $61,500 during early trading before buyers stepped in and pushed prices back toward the middle of the daily range.

It’s currently changing hands at the price of $62,518.27, which indicates a 1.3% decline on the day, a drop of 14.8% over the past seven days, as well as a 23.1% loss across the month, per the most recent chart information.

Despite the rebound, sentiment across the market remains weak. The latest liquidation data shows that 252,952 traders were liquidated during the past 24 hours, with total liquidations reaching approximately $1.20 billion. Long positions accounted for more than $917 million of those losses, which highlights how aggressively bullish traders were positioned before the latest decline.

Bitcoin and Ethereum (ETH) generated the largest liquidation totals. BTC liquidations reached roughly $365.7 million, whereas ETH accounted for another $291.3 million. The largest single liquidation order reportedly occurred on Binance and was valued at $13.31 million.

Price action across major cryptocurrencies remained overwhelmingly negative. Ethereum traded near $1,666 after another 5.6% decline, whereas Solana (SOL) fell below $66. XRP slipped toward $1.21 and BNB dropped under $590.

Zcash Leads Losses After Critical Vulnerability Disclosure

The biggest story of the day came from Zcash. The privacy-focused cryptocurrency crashed more than 44% over the past 24 hours and traded near $314 after developers revealed a serious vulnerability in the Orchard shielded pool.

According to Shielded Labs, the flaw could theoretically have allowed an attacker to create unlimited counterfeit ZEC without detection. The vulnerability was patched within days of its discovery, and developers said they believe prior exploitation was unlikely. Even so, the disclosure sparked a rapid selloff that erased much of ZEC’s recent rally.

Cardano was another major loser. ADA plunged more than 17% and fell below $0.16. Toncoin (TON) dropped nearly 11%, whereas Hyperliquid’s HYPE token lost over 9%. Chainlink (LINK), Stellar (XLM), Monero (XMR), Dogecoin (DOGE), and Bitcoin Cash (BCH) also posted notable declines.

The market remains heavily tilted toward risk-off positioning. Though Bitcoin has managed to stay above recent lows, altcoins continue to absorb the bulk of the selling pressure as traders reduce exposure and unwind leveraged bets.

The post Altcoins Get Crushed as Bitcoin Fights for $62K appeared first on TechGaged.com.