Bitcoin price fell below the $60,000 mark, hitting a low of $58,315 after previously hitting a high of $61,868 on the same day. The leading cryptocurrency’s decline represents a 3.8 percent decline in the past 24 hours and a 13.9 percent loss over the past two weeks.
The broader cryptocurrency market also suffered, with its total value falling by 3.18% to $2.06 trillion. Despite a 7.53% increase in global trading volume, overall market activity remained low compared to previous weeks. Ethereum (ETH) mirrored Bitcoin’s decline, falling from a high of $2,720 to a low of $2,540 before settling at $2,568.
Among the top cryptocurrencies, Toncoin (TON) recorded the sharpest decline, down 8.66%, followed by XRP with a loss of 6.5% and Solana (SOL) with a decline of about 5.73%. Selling pressure increased towards the evening, resulting in continued volatility in the market.
Traders in the crypto derivatives market suffered heavy losses as long positions were liquidated. Data from Coinglass showed that 54,744 traders were liquidated, totaling $156.47 million. Of this, $123.72 million came from long positions, while $32.75 million was related to Bitcoin trades.
Ethereum long positions saw losses of $22.84 million, while Solana saw liquidations of $8.37 million. The largest single liquidation occurred on Okx, where an Ethereum trade resulted in a loss of $2.17 million.
Bitcoin’s recent crash below $60,000 highlights ongoing market volatility and rising investor uncertainty. The decline in the broader crypto market despite increased trading volume underscores the current pessimistic sentiment.
Also read: Morgan Stanley under scrutiny for Bitcoin ETF push
