Bitcoin Price Drops Below $59,000, Falls 4% in 24 Hours

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As a seasoned crypto investor with a battle-scarred portfolio and a heart full of patience, I’ve grown accustomed to the rollercoaster ride that is the cryptocurrency market. Today’s dip below $60,000 for Bitcoin might feel like a punch in the gut to newbies, but for me, it’s just another reminder of why we always keep our seatbelts fastened tight.

Today, Bitcoin‘s price dipped below the $60,000 threshold, reaching its lowest point at $58,315. This drop follows an earlier high of $61,868 attained during the day. Over the last 24 hours, this leading cryptocurrency has experienced a 3.8% decrease. Moreover, over the past fortnight, Bitcoin has seen a significant loss of 13.9%.

The broader cryptocurrency market also suffered, decreasing its total value by 3.18% to $2.06 trillion. Despite a 7.53% rise in global trading volume, the overall market activity remained low compared to previous weeks. Ethereum (ETH) mirrored Bitcoin’s decline, falling from a high of $2,720 to a low of $2,540 before settling at $2,568.

Bitcoin Price Drops Below $59,000, Falls 4% in 24 Hours

In the realm of popular cryptocurrencies, Toncoin (TON) saw the steepest decline, dropping by about 8.66%. XRP came in second with a decrease of around 6.5%, and Solana (SOL) experienced a drop of roughly 5.73%. As the day turned into night, there was an increase in selling activity, resulting in persistent market volatility.

Crypto derivatives market participants suffered substantial losses due to the closing of long positions, resulting in 54,744 traders being liquidated at a total cost of around $156.47 million. According to Coinglass, approximately $123.72 million of these losses were tied to long positions, while $32.75 million can be attributed to Bitcoin trades specifically.

As an analyst, I observed significant setbacks in my long positions on Ethereum, amounting to approximately $22.84 million in losses. On the other hand, Solana encountered liquidations totaling around $8.37 million. Notably, the single largest liquidation took place on Okx, where an Ethereum trade led to a substantial loss of about $2.17 million.

1. The fall of Bitcoin under $60,000 showcases continuous market instability and growing uneasiness among investors. Even with higher trading activity, the overall cryptocurrency market’s drop emphasizes the prevailing negative outlook.

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2024-08-12 08:36