Bitcoin Slips Below $59K as Crypto Market Faces $132M in Liquidations
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On Sunday, bitcoin slipped below the $60,000 mark and dipped even further beneath the $59,000 range.
The leading cryptocurrency touched an intraday low of $58,315, after previously hitting a high of $61,868 earlier in the day.
Crypto Crash Course: Long Positions Take a Tumble in Sunday’s Wipeout
Statistics show the broader crypto market saw a decline of 3.18% over the past 24 hours, bringing its total value down to $2.06 trillion.
Bitcoin (BTC) itself dropped by 3.8% in the same period, reaching its low of $58,315 on the exchange Bitstamp at 5:13 p.m. EDT. Although global crypto trading volume increased by 7.53% compared to the previous day, it remained subdued compared to the previous week. This latest dip in value adds up to a 13.9% loss for BTC over the last two weeks against the U.S. dollar.
Ethereum (ETH) also experienced a downturn, falling to a low of $2,540 after reaching $2,720 earlier. As of 5:15 p.m. EDT on Sunday, ETH was trading at $2,568. Among the top ten cryptocurrencies by market cap, toncoin (TON) took the hardest hit, losing 7.5%, followed by XRP with a 6.5% loss, and solana (SOL), which fell by approximately 5.73%. As Sunday evening approached, prices across the board remained volatile, with increased selling pressure.
Today was a tough day for many traders in the crypto derivatives markets, as a significant number of long positions were wiped out.
According to data from coinglass.com, 54,744 traders faced liquidations, with the total amount reaching $132.49 million by 5:15 p.m. EDT. Out of that, $102.33 million came from long positions, with $25.95 million of those being BTC trades.
