Bitcoin saw a significant decline, falling below the $60,000 mark and reaching an intraday low of $58,315 after peaking at $61,868 earlier in the day. This downturn is part of a broader cryptocurrency market pullback, which saw a 3.18% drop in total market value, bringing it down to approximately $2.06 trillion.
As of 5:15 p.m. EDT, Bitcoin (BTC) had dropped by 3.8%, hitting its lowest point on the Bitstamp exchange. Although global crypto trading volume increased by 7.53% compared to the previous day, overall market activity remained sluggish. This latest dip brings Bitcoin’s losses over the past two weeks to 13.9% against the U.S. dollar.
Ethereum (ETH) also experienced a significant drop, falling to a low of $2,540 after previously reaching $2,720. By 5:15 p.m. EDT, ETH was trading at $2,568. Among the top ten cryptocurrencies by market capitalization, Toncoin (TON) suffered the most, losing 7.5%, followed by XRP with a 6.5% loss, and Solana (SOL) with a 5.73% decline. As Sunday evening approached, market prices remained volatile, with increased selling pressure across the board.
The day proved particularly challenging for traders in the crypto derivatives markets, where a significant number of long positions were liquidated. According to data from Coinglass, 54,744 traders faced liquidations totaling $132.49 million by 5:15 p.m. EDT.
Of this amount, $102.33 million came from long positions, with $25.95 million specifically from BTC trades. Ethereum long positions accounted for $22.84 million in losses, while Solana saw $8.37 million in long liquidations. The largest single liquidation occurred on the Okx exchange, where an ETH trade resulted in a $2.17 million loss.
The current market conditions underscore the ongoing volatility and uncertainty in the cryptocurrency space, prompting traders to reassess their strategies. With Bitcoin slipping below $59,000 and significant liquidations occurring, investors are closely monitoring the situation for potential recovery signals in the coming days.
