Bitcoin Plunges to $59,000 as Global Crypto Market Cap Falls 6%

The cryptocurrency market has once again erased the gains of the past few days, with Bitcoin falling to the $59,000 mark as the overall cryptocurrency market cap has fallen.

Bitcoin, which was showing positive momentum yesterday, rebounding to $63,000, has erased all of its gains over the past 24 hours. BTC fell to $58,000 before rising again to its current price above $59,000.

On the other hand, Ethereum has lost 8% of its value over the period. ETH has fallen from a 24-hour high of $2,700 to an all-time low of $2,400.

Global Cryptocurrency Market Cap Falls 6%

The cryptocurrency market as a whole has taken a major hit, with a 6% decline recorded over the past 24 hours, according to CoinMarketCap. The bloodshed also saw the top 20 altcoins post single-digit losses.

While AI tokens had been rallying ahead of Nvidia's Q2 earnings report, the market crash dragged the tokens down with it, erasing gains over the past

few days.

Coinglass data also shows that total cryptocurrency liquidations in the last 24 hours have exceeded $320 million.Over 87,700 traders were liquidated, with the largest liquidation being $12.67 million. However, the exact reason for the sell-off and price dump remains unclear.

Toncoin and several meme coins are trading in the green

Interestingly, amid the general collapse, the newly launched meme coin DOGS, popular Solana meme coin POPCAT, and even Toncoin are trading in the green. DOGS and POPCAT are up 2%, while TON is hovering around $5.3 with a 1% gain.