Bitcoin’s price has taken a significant hit, dropping below the $59,000 threshold after reaching an earlier high of $61,868. The leading cryptocurrency fell to a low of $58,315, marking a 3.8% decrease over the past 24 hours and a substantial 13.9% decline over the last two weeks.
This downturn in Bitcoin has had a ripple effect across the broader cryptocurrency market, which saw its total value decrease by 3.18% to $2.06 trillion. Despite a 7.53% increase in global trading volume, overall market activity remains subdued compared to recent weeks. Ethereum (ETH) followed a similar trend, sliding from a high of $2,720 to a low of $2,540 before stabilizing at $2,568.
Market-wide Liquidations Hit $156 Million as Bitcoin Dips
The market’s volatility has led to severe losses for traders, particularly in the crypto derivatives market. Data from Coinglass revealed that 54,744 traders were liquidated, with losses totaling $156.47 million. The majority of these liquidations, $123.72 million, came from long positions, with Bitcoin trades alone accounting for $32.75 million.
Ethereum was also heavily impacted, with long positions resulting in $22.84 million in losses. Solana (SOL) saw $8.37 million in liquidations. The largest single liquidation event occurred on the Okx exchange, where an Ethereum trade resulted in a $2.17 million loss.
Broader Cryptocurrency Market Also Suffers
The downward trend was not limited to Bitcoin alone. Among the top cryptocurrencies, Toncoin (TON) experienced the steepest drop, plummeting 8.66%. XRP and Solana also faced significant losses, falling by 6.5% and 5.73%, respectively. As the day progressed, selling pressure intensified, leading to continued volatility across the market.
Bitcoin’s recent fall below $59,000 underscores the persistent volatility and increasing uncertainty among investors in the cryptocurrency market. The decline in the broader market, despite the rise in trading volume, reflects a bearish sentiment that continues to grip the market.
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