🔥🔥🔥 #bitcoin☀️ Bloodshed: Crypto Liquidations Top $200 Million as #Ethereum , $BTC Fall
Crypto Market Sees Surge in Liquidations as Bitcoin Falls Below $60,000
On Wednesday, the cryptomarket experienced its highest spike in liquidations over the past week as Bitcoin's price dropped below $60,000. According to CoinGlass, more than 74,000 traders were liquidated, totaling $208 million.
Most of the liquidations, amounting to $184 million, affected investors who had bet on rising prices through long positions. Ethereum investors bore the brunt of these liquidations, with losses reaching $55.5 million, nearly all from long positions.
The ongoing concerns regarding #U.S. monetary policy, geopolitical tensions, and the upcoming U.S. presidential election in November are expected to influence the top #Cryptocurrencies ' prices throughout 2024.
Bitcoin fell from approximately $62,200 to a low of $59,425 during intraday trading but has since recovered to above $60,200, though it remains down 3% in the past 24 hours.
Ethereum also dropped 3% over the same period, falling from a high of $3,425 to a low of $3,254, and is currently trading at $3,300.
Solana, the fifth-largest cryptocurrency by market cap, suffered the most significant decline among the top 10 coins, falling roughly 8% to $140. This drop follows recent optimism sparked by VanEck’s filing for a “Solana Trust” exchange-traded fund last month.
Overall, top cryptocurrencies have seen declines over the past month, with Ethereum down more than 12% despite anticipation surrounding the potential launch of Ethereum spot ETFs. Bitcoin has also fallen 12% during this period.
Analysts still foresee potential for price increases later in the year, suggesting that the current market cool-down may be a precursor to a significant price surge in the coming months. On Wednesday, CryptoQuant released a report analyzing Bitcoin mining metrics, indicating that current conditions could signal a potential bottoming out of prices.
