Bitcoin Drops Below $60,000 Triggering $215 Million In Liquidations
Bitcoin continues to slide alongside the wider stock market, returning to lows last seen in February.
Bitcoin’s price crashed by over 5% below $60,000 on Wednesday amid a market selloff impacting the broader crypto and stock markets.
- Bitcoin (BTC) began the day trading for roughly $63,700 per coin. Its price began sinking drastically starting at 1:40 PM UTC, and has plummeted to $59,950 as of 4:45 PM UTC. It trades for $60,475 at press time.
- Meanwhile, the price of Ethereum (ETH) has slid back under $3000 to just $2950 at writing time. The SP500 and Nasdaq 100 have declined 0.68% and 1.27%, respectively.
- According to Coinglass , the selloff has triggered $216 million in liquidations across the crypto market in the past 24 hours. That includes over 67,000 affected traders, including one trader who lost $5.4 million on an ETH-USD swap.
- Many suspect the market selloff has been triggered by escalating geopolitical tensions between Iran and Israel after the former launched a barrage of drones and missiles against the latter over the weekend.
- In a Monday note , a CryptoQuant analyst predicted that Bitcoin could see more downside pressure given that funding rates remain elevated compared to historical averages.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Giant Cryptocurrency Whale Loses $32 Million in an Altcoin to Hackers
According to Onchain data, a giant crypto whale lost a large amount of his altcoins to hackers. Here are the details.
Legendary Analyst il Capo Shares What He Expects in Altcoins
Il Capo of Crypto, one of the most well-known analysts in the cryptocurrency world, evaluated the altcoin market in his statement.
User loses $32 million spWETH in a sophisticated phishing attack
Shiba Inu Grows Stronger as a Community-Driven Cryptocurrency