Bitcoin (BTC) Beat Down Below $60K, $360M In Liquidations
- Over the past week, Bitcoin (BTC) has seen an 8.2% decline, beating down below $60k, despite relatively modest trade volumes amid heavy selling.
- Data from coinglass.com shows $360 million in crypto long positions were liquidated, including $148 million in Bitcoin.
Bitcoin (BTC) experienced a sharp decline on Monday, dropping down below the psychological barrier of $60,000, its lowest point since May.
According to market data, Bitcoin’s price hit a troubling low of $59,809 per coin at 1:30 p.m. EDT on June 24, representing a substantial 6% drop against the U.S. dollar.
Over the past week, Bitcoin has shed 8.2% of its value, indicating a persistent bearish sentiment in the market.
This unexpected dip has many investors and analysts scrambling to understand the implications of this bearish trend.
Data from Coinglass indicates a significant wave of liquidations in the cryptocurrency market, with $360 million in long positions liquidated in the past 24 hours, including $148 million in Bitcoin longs.
During this period, a total of 85,865 crypto derivatives traders were liquidated, resulting in a combined total of $326.26 million wiped out from both long and short positions.
The largest single liquidation event was recorded on Binance, involving a BTC/USDT position worth $15.36 million.
This recent market turbulence highlights the need for in-depth understanding and analysis of cryptocurrency trends.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
