Through the weekend and Monday morning, Bitcoin, the primary cryptocurrency asset dropped below $60,000 while $177 million was lost to liquidations in the wider crypto market.
At the time of the report, Bitcoin is exchanging hands for $59,804 dropping below the $60,000 mark as bearish sentiment sweeps across the market.
The General crypto market witnessed a slight drop in its market capitalization following the bearish sentiment shedding 3.0% of its total value to settle at $2.17 trillion at the moment.
Other altcoins also mirrored the drop in Bitcoin price levels with Ethereum the largest Altcoin by Market Capitalization dropping to $2,540 on Sunday before recovering to $2,669 at the time of report.
Amongst the top ten crypto assets by market capitalization Solana (SOL) took the hardest hit dropping by 3.2% in the last 24 hours. Other top losers include Bitcoin which dropped by 2.3% and Binance coin (BNB) which dropped by 2.0%.
179 million lost to liquidation
According to data from Coinglass, the crypto market in the last 24 hours lost $179.33 million to liquidations. About 69,465 traders lost approximately $180 million to liquidations in the last 24 hours. Long traders accounted for $126.21 million in losses out of the total sum while short trades accounted for only $53.13 of losses.
Bitcoin trades led the long positions by the traders accounting for $47.18 million in trades while Ethereum followed closely with $46.95 million in long positions. Solana chipped in at third position with $15.33 million in long positions.
The largest single liquidation order happened on OKX — ETH-USD-SWAP valued at $2.17M.
Binance, OKX, and Bybit recorded the highest volume of trades respectively out of the top 7 exchanges featured in Coinglass data.
Bitcoin Price Analysis
At the moment Bitcoin is exchanging hands for $59,804 dropping by 1.1% in the last 24 hours with a maximum price of $60,707 and a minimum price of $57,814. Despite the drop, Bitcoin is up 16.0% from its price in the last 7 days.
The crypto asset is currently 19% down from its all-time high of $73,737 which it recorded on March 14, 2024.
What To Know
- Last week Monday, Bitcoin reacted to a severe market crash falling below the $50,000 price level for a while. The market crash was a result of certain macroeconomic and crypto-related factors which included the Japan Nikkei dropping to a multi-decade low and Jump crypto moving large caches of bitcoin to centralized exchanges.
- The Crypto market has since recovered from the crash with Bitcoin now adding over $10,000 in value since that dark Monday.
