Bitcoin drops below $60,000 amid $150 million in liquidations

Bitcoin's (CRYPTO:BTC) price fell below the $60,000 mark on Thursday, reaching as low as $59,810. 

This dip comes after three weeks of steady trading above $60,000, signaling a sharp decline in market sentiment. 

The leading cryptocurrency even briefly dipped below $59,000, adding to the ongoing volatility. 

According to CoinGlass data, over $150 million in long positions across various cryptocurrencies were liquidated within the past 24 hours. 

Of that total, $63.2 million in futures bets were directly related to Bitcoin, highlighting the significant impact of the asset's price drop on traders betting on future price increases. 

Analysts have pointed to multiple factors for Bitcoin's latest price fall. 

According to market analysts, rising geopolitical tensions in the Middle East, particularly between Iran, Lebanon, and Israel, have caused investors to shift their focus to more traditional safe-haven assets like gold. 

Bitcoin, typically viewed as a “risk-on” asset, has seen declining demand as uncertainty grows globally. 

Further pressuring the market, the latest U.S. Consumer Price Index (CPI) report came in weaker than expected, sparking concerns about the U.S. economy’s future performance. 

Additionally, the U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against trading firm Cumberland, intensifying regulatory scrutiny on the crypto industry. 

As a result, Bitcoin’s price has dropped by 8% over the past two weeks, ending the hopes of a continued "Uptober" rally—a month that has historically been known for rising crypto prices. 

Ethereum (CRYPTO:ETH), the second-largest cryptocurrency, has also struggled, now trading at $2,368, while Solana (CRYPTO:SOL), the fifth-largest, is priced at $137, following similar market declines.

At the time of writing, the Bitcoin price was $60,011.85.