Bitcoin (BTC) Price Breaks Below $60K for the First Time Since May 3

The Monday massacre continues as the primary cryptocurrency slipped below $60,000 for the first time in nearly two months.

The altcoins are in a dire state as well, with several double-digit price losers, as well as many others with 5-10% drops.

CryptoPotato reported earlier today the adverse start of the trading week for bitcoin and the rest of the crypto market.

Back then, the largest digital asset had lost over two grand within hours and slumped to a 6-week low of $62,100.

However, the landscape only worsened in the following hours and the cryptocurrency just plummeted to under $60,000 for the first time since the start of May.

As of now, BTC has managed to bounce off to just over that level, but its market cap has plunged below $1.2 trillion. This is because bitcoin is down by 6% in the past day and more than 8% on a weekly scale.

The most substantial losers from the altcoin space come from the likes of GNO (-11%), BRETT (-11%), UNI (-9.5%), BCH (-8%), MRK (-8%), and many others.

The total value of liquidated positions has skyrocketed to more than $320 million on a daily scale. The number of wrecked traders within the same timeframe is north of 85,000.