Markets
Cryptocurrency Market Liquidations Surpass $200 Million as Bitcoin Falls Below $60,000
Cryptocurrency Market Liquidations Surpass $200 Million as Bitcoin Falls Below $60,000
Cryptocurrency market sell-offs hit their highest level in a week on Wednesday, triggered by Bitcoinprice drop below $60,000. More than 74,000 traders faced liquidations worth $208 million, according to according to CoinGlass data. A significant portion of these liquidations, approximately $184 million, affected investors holding long positions who bet on rising prices. Ethereum investors were particularly hard hit, with $55.5 million in liquidations, predominantly from long positions.
The recent volatility in the cryptocurrency market is attributed to ongoing US monetary policy issues, geopolitical tensions, and the upcoming US presidential election in November. These factors are expected to influence Bitcoin’s price throughout 2024. Bitcoin’s price fell from around $62,200 to an intraday low of $59,425 before recovering to just above $60,200. Bitcoin is currently trading at $58,487, marking a 4.7% decline in the past 24 hours.
Ethereum has seen a 5.5% drop, falling from $3,384 to a current low of $3,198. It has fallen 5% in the past week, reversing most of the upward movement in anticipation of the spot ETF launch. Solana saw the most significant decline among the top 10 coins, falling around 11% to $134. This drop follows a recent surge in interest due to New York-based investment management firm VanEck filing for the first Solana spot ETF late last month.
Overall, major cryptocurrencies have seen declines over the past month. Ethereum has fallen by more than 15% in the past 30 days, despite growing interest in the debut of Ethereum spot ETFs. Some analysts predict that these new financial products could start trading in mid-July, potentially boosting ETH prices. Bitcoin has also fallen by 14.8% during the same period.