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| Comprehensive Bitcoin Market Analysis: $179 Million Lost in Liquidations Amidst Price Drop Below $60,000 Image credit: Pixabay |
Over the weekend and into Monday morning, Bitcoin, the leading cryptocurrency, experienced a significant decline, dropping below the $60,000 threshold. At the time of reporting, Bitcoin was trading at $59,804, reflecting a bearish trend that has swept across the broader crypto market.
Crypto Market Loses $177 Million in Liquidations
In the last 24 hours, the crypto market saw a substantial loss of $179.33 million due to liquidations, as per data from Coinglass. Approximately 69,465 traders experienced losses, with long positions bearing the brunt, accounting for $126.21 million of the total, while short trades amounted to $53.13 million in losses. Bitcoin trades dominated the long positions, contributing $47.18 million, followed closely by Ethereum with $46.95 million. Solana ranked third with $15.33 million in long positions. The largest single liquidation order was recorded on OKX with an ETH-USD-SWAP valued at $2.17 million.
Bitcoin Price Analysis: A 1.1% Drop in 24 Hours
Bitcoin's price dropped by 1.1% in the past 24 hours, with the cryptocurrency currently trading at $59,804. The highest price recorded within this period was $60,707, while the lowest was $57,814. Despite the recent drop, Bitcoin remains up by 16.0% compared to its price seven days ago. However, it is still 19% below its all-time high of $73,737, achieved on March 14, 2024.
Impact on Altcoins: Solana and Ethereum Among Top Losers
The bearish trend in Bitcoin also influenced other cryptocurrencies, particularly altcoins. Ethereum, the largest altcoin by market capitalization, dropped to $2,540 on Sunday before rebounding to $2,669. Solana (SOL) experienced the most significant drop among the top ten crypto assets by market capitalization, falling by 3.2% in the last 24 hours. Bitcoin and Binance Coin (BNB) also saw declines of 2.3% and 2.0%, respectively.
Market Capitalization Dips by 3.0%
The overall crypto market witnessed a 3.0% decrease in its market capitalization, which now stands at $2.17 trillion. This decline is largely attributed to the bearish sentiment currently influencing the market.
What You Need to Know: Factors Behind the Market Fluctuations
Last Monday, Bitcoin reacted to a severe market crash, briefly falling below the $50,000 mark. This crash was triggered by a combination of macroeconomic factors and specific events within the crypto industry, such as Japan's Nikkei index hitting a multi-decade low and Jump Crypto moving significant amounts of Bitcoin to centralized exchanges. However, since that downturn, the crypto market has shown signs of recovery, with Bitcoin gaining over $10,000 in value from its lowest point last week.
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