Over the weekend and into Monday morning, Bitcoin, the leading cryptocurrency, dipped below the $60,000 mark, trading at $59,804 as bearish sentiment took hold.
This decline contributed to a broader downturn in the crypto market, which saw $177 million lost to liquidations.
The overall cryptocurrency market capitalization fell by 3.0%, settling at $2.17 trillion as negative sentiment swept across the sector.
Other major cryptocurrencies followed Bitcoin’s downward trajectory. Ethereum, the second-largest cryptocurrency by market capitalization, dropped to $2,540 on Sunday but has since recovered to $2,669. Among the top ten crypto assets, Solana (SOL) experienced the sharpest decline, falling by 3.2% in the past 24 hours. Bitcoin itself saw a 2.3% decrease, while Binance Coin fell by 2.0%.
In the last 24 hours, the crypto market experienced significant liquidations, with a total loss of $179.33 million. Approximately 69,465 traders were affected, with long positions contributing $126.21 million of the losses and short positions accounting for $53.13 million. The largest single liquidation occurred on OKX, involving an ETH-USD-SWAP valued at $2.17 million. The top exchanges by trade volume during this period were Binance, OKX, and Bybit.
Currently, Bitcoin is trading at $59,804, a 1.1% drop over the past 24 hours, with a daily high of $60,707 and a low of $57,814. Despite the recent drop, Bitcoin has risen by 16.0% over the past week but remains 19% below its all-time high of $73,737, recorded on March 14, 2024.
Last Monday, Bitcoin experienced a significant drop below $50,000, driven by macroeconomic and crypto-related factors, including a severe decline in Japan’s Nikkei index and substantial transfers of Bitcoin to centralized exchanges by Jump Crypto.
Since then, the crypto market has rebounded, with Bitcoin gaining over $10,000 in value from that low point.
