Bitcoin has experienced a sharp decline from above $70,000, with the high volatility triggering an increase in liquidations.

On Tuesday, Bitcoin’s price briefly surpassed the $70,000 threshold; however, it quickly fell by 3.5% to around $67,000—causing a significant number of leveraged position liquidations throughout the market.

The largest digital asset by market cap has decreased by over 3.4% in the past 24 hours, currently changing hands for $67,400, according to The Block’s price page. Bitcoin's price is 8.5% short of the all-time high of $73,737 made on March 14.

Amid the approval of a spot Ethereum ETFs yesterday, this volatility led to the liquidation of over $378 million in leveraged positions over the past 24 hours—with long positions accounting for $295 million of that …