Markets
Bitcoin Drops to $57K, Solana Drops 8% Daily (Market Watch)
Cryptocurrency markets have been on a tear over the past 24 hours, with total market cap falling below $2.5 trillion, down 5% on the day.
This comes after notable declines across the board, including Bitcoin, Ethereum, BNB, Solana, and pretty much the entire market.
Bitcoin Falls Towards $57K
At the time of writing, the price of Bitcoin is trading around $57,700, down more than 5% in the past 24 hours and virtually unchanged for the week.
As seen on the chart, BTC has been gradually falling since Monday (July 1), when it peaked above $63,500. The bulls failed to maintain the buying pressure, allowing sellers to step in and push the price down to current levels.
It is worth noting that the latest move resulted in over $300 million in liquidated positions, the majority of which were long.
But it’s not just Bitcoin that’s struggling.
Altcoins Crash, Solana Loses Over 8% Daily
The cryptocurrency heatmap is all painted red and there are absolutely no exceptions in the last 24 hours.
One of the worst performers is Solana, which lost about 8% of its price. Others in this category are LINK (-8.5%), SHIB (-8.6%), PEPE (-11%), and so on.
You will notice that meme coins are faring worse compared to other cryptocurrencies, and this is true across the board, as major memes are seeing double-digit declines.
Overall, the cryptocurrency market continues to decline even at the time of writing, and it will be interesting to see where the bears can take the price. It seems that all eyes are currently on the critical support at $56K for BTC, so let’s see if it can hold.
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