Bitcoin Plummets Below $60,000: Market Faces Unprecedented Sell-Off

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The leading cryptocurrency Bitcoin fell below $60,000 on Sunday, marking the fourth consecutive day of market sell-offs.
Interestingly, bullish futures bets led to nearly $200 million in losses within the last 24 hours, while altcoins also faced significant downturns.
According to renowned analyst Samson Mow, the recent Bitcoin decline can be attributed to traditional financial markets, although he believes a bullish rally is imminent.

Catch up on the latest trends and insights in the world of cryptocurrency, with a comprehensive analysis of the recent market downturn and expert predictions.

Bitcoin Falls Below $60,000, Extending Four-Day Market Sell-off

Bitcoin, the preeminent cryptocurrency, saw its value drop below $60,000 on Sunday, continuing a four-day streak of market sell-offs. Data reveals that Bitcoin’s price plummeted by 3.3% within the last 24 hours, reaching $59,079—a three-week low. Major altcoins like Solana (SOL) and Dogecoin (DOGE) suffered losses exceeding 7%, while BNB Chain (BNB), XRP (XRP), and Cardano (ADA) fell by approximately 6%. Toncoin (TON), however, showed relative resilience with a minor loss of 1.8%.

Ethereum Faces Major Losses Post-ETF Surge

Ethereum (ETH) experienced a severe decline, dropping below $2,900 after reaching highs of $3,400 in July when spot ETH ETFs began trading in the U.S. Over the last sales wave, ETH recorded net outflows on six of the nine trading days, amounting to a total net outflow of $510 million since the introduction of the ETFs.

Bullish Traders Incurring Heavy Losses

Data from CoinGlass reveals that over 97,000 traders were liquidated in the past 24 hours due to abrupt market movements, resulting in roughly $200 million in losses for bullish futures bets. ETH long positions led the losses with $55 million, followed by Bitcoin long positions with $43 million. Previously, some traders had warned that Bitcoin might plummet to $55,000 due to geopolitical tensions in the Middle East and decreased appetite for risk assets like technology stocks.

Samson Mow’s Take on the Recent Bitcoin Decline

Renowned Bitcoin advocate Samson Mow maintains an optimistic outlook despite the recent dip. According to Mow, CEO of JAN3, the temporary fall in Bitcoin’s price can be traced back to activities in traditional financial markets, amplified by the increased surface area created by ETFs. Mow predicts that with the rise in the M2 money supply, which includes cash and checking deposits easily convertible to currency, Bitcoin’s bullish momentum will return. He suggests this dip is a temporary phase before a major bullish event.

Conclusion

In summary, the crypto market has been significantly impacted by a series of sell-offs, with Bitcoin and major altcoins experiencing sharp declines. ETH faced notable losses following its recent ETF-related surge, and bullish traders have incurred substantial losses. Despite these setbacks, experts like Samson Mow remain optimistic, citing external financial market impacts and potential bullish momentum driven by an increased M2 money supply. Investors should exercise caution but stay informed as the market evolves.

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