Bitcoin
Crypto Liquidations Hit $200 Million as Ethereum, Bitcoin Plunge
Cryptocurrency market sell-offs hit their highest point in a week on Wednesday, with the price of Bitcoin fell below $60,000.
In the last 24 hours, over 74,000 traders were liquidated worth $208 million, CoinGlass the data shows.
Most of them — about $184 million — hit long-sellers who bet on rising prices.
The biggest liquidations affected Ethereum investors, with $55.5 million almost entirely in long positions, the data shows.
Current issues surrounding US monetary policy, geopolitical tensions and the upcoming US presidential election in November are expected to impact the price of the leading cryptocurrency throughout 2024.
Bitcoin knocked down from around $62,200 to as low as $59,425 in intraday trading. The asset has since recovered losses above $60,200 but is still down 3% over the past 24 hours.
Solana, the world’s fifth-largest cryptocurrency by market capitalization, took the biggest hit among the top 10 coins, falling about 8% to $140. Solana had been riding high following the registration of the “Solana Trust” exchange-traded fund by New York-based investment management firm VanEck late last month.
Major cryptocurrencies have been falling over the past month. Ethereum has fallen more than 12% in 30 days despite growing interest in the debut of Ethereum spot ETFs.
Some analysts predict that new financial products could begin negotiation in mid-Julywith at least one company predicting that the price of ETH will later take off. Bitcoin fell 12% in the same period.
It is true that analysts still see further price gains this yearwith the current market cooldown representing a precursor to another major price surge in the coming months, Decrypt reported on Monday.
On Wednesday, analytics firm CryptoQuant released a report examining Bitcoin Mining Metrics and signaled conditions for a price bottom at current levels.
Edited by Sebastian Sinclair.