Crypto Prices Today(06-07-2024): Bitcoin, Etherium, Solana, others crash up to 17% on liquidations.
Bitcoin prices (BTC) witnessed a sharp crash up to 8% and were trading at $54,129 on Friday around 12:30 pm. The fall has extended to 12% over the last seven days. BTC’s fall had a rub-off effect on other cryptos as well including Etherium (ETH), BNB, Solana, XRP, Toncoin, Dogecoin, Cardano, Tron, Avalanche and Shiba Inu which fell by up to 17%.
Bitcoin fell below $55,000 level hitting its two month low amid the presidential election uncertainty in the US and Mt Gox flows, Edul Patel, CEO of Mudrex said. Moreover, the German government moving yet another $175 million in Bitcoin and the Federal Reserve signaling it’s not ready to cut rates also added to the pressure in the market, he added.
With 3 major supply overhangs (Mt.Gox, US and German Governments) currently being unloaded on to the BTC markets, the expected selling pressure has brought down prices of the largest crypto asset to levels from six months ago, after breaching the $55k mark earlier today, CoinSwitch Markets Desk.
The drop in crypto prices in the last 24 hours could be attributed to significant liquidations. The broader markets have followed suit with altcoin price getting crushed, and market wide liquidations exceeding $300mm in the last 24 hours.
