The price of Bitcoin has fallen below the $60,000 mark. It reached a low of $57,642 after peaking at $61,858 recently.
The decline of the leading cryptocurrency represents a recent drop of 6.7%. This corresponds to a loss of 13.9% over the past two weeks.
Bitcoin Dive and the Crypto Market
The overall cryptocurrency market has also suffered. Its total value has decreased by 3.18% to $2.06 trillion. Despite a 7.53% rise in global trading volume, overall market activity remained weak compared to previous weeks.
Ethereum followed Bitcoin’s downward trend. It dropped from a peak of $2,720 to a low of $2,540 before stabilizing at $2,568.
Among the main cryptocurrencies, Toncoin recorded the largest decline, with 8.66%. XRP experienced a loss of 6.5% and Solana a decrease of around 5.73%. By the end of the day, selling pressure intensified, leading to persistent market volatility.
Mass Liquidations in the Derivatives Market
Traders in the crypto derivatives market have suffered heavy losses with the liquidation of long positions.
Data from Coinglass revealed that 67,883 traders were liquidated for a total of $174.38 million. Of this amount, $134.18 million came from long positions and $40.29 million from short positions.
Long positions on Ethereum recorded losses of $33.8 million. Solana, on the other hand, faced liquidations of $14.14 million.
The largest individual liquidation occurred on Okx, where an Ethereum trade resulted in a loss of $2.17 million.
The recent drop of Bitcoin below $60,000 highlights the persistent volatility of the market and the growing uncertainty among investors. Indeed, the retreat of the entire cryptocurrency market, despite the increase in volumes, reflects the current bearish sentiment.
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