Bitcoin price fell below the $60,000 mark, hitting a low of $57,642 after reaching a high of $61,858 earlier in the day. The leading cryptocurrency’s drop represents a 6.7% decline over the past 24 hours and a 13.9% loss over the past two weeks.
The broader cryptocurrency market also suffered, decreasing its total value by 3.18% to $2.06 trillion. Despite a 7.53% rise in global trading volume, the overall market activity remained low compared to previous weeks. Ethereum (ETH) mirrored Bitcoin’s decline, falling from a high of $2,720 to a low of $2,540 before settling at $2,568.
Among the top cryptocurrencies, Toncoin (TON) experienced the most significant drop, down 8.66%, followed by XRP with a 6.5% loss and Solana (SOL) falling approximately 5.73%. As evening approached, selling pressure increased, leading to ongoing volatility in the market.
Traders in the crypto derivatives market faced severe losses as long positions were liquidated. Data from Coinglass revealed that 67,883 traders were liquidated, totaling $174.38 million. Of this, $134.18 million came from long positions, with $40.29 million linked to short positions.
Ethereum long positions saw $33.8 million in losses, while Solana experienced $14.14 million in liquidations. The largest single liquidation occurred on Okx, where an Ethereum trade resulted in a $2.17 million loss.
Bitcoin’s recent plunge below $60,000 highlights ongoing market volatility and mounting investor uncertainty. The broader crypto market’s decline, despite increased trading volume, underscores the current bearish sentiment.
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