Bitcoin experienced a significant decline, dropping below $60,000 early Sunday U.S. time, as a four-day market sell-off persisted. The cryptocurrency fell by 4% over the past 24 hours, reaching a three-week low of $59,400, according to CoinGecko data.
Other major cryptocurrencies also suffered losses. Solana‘s SOL and Dogecoin (DOGE) each plunged by over 9%, while BNB Chain’s BNB, XRP, and Cardano‘s ADA all dropped by at least 6%. Toncoin (TON) showed a relatively modest decline of 1.8%.
Ether (ETH) fell below $2,900, erasing the gains it had accumulated from a peak of $3,400 in July when spot ETH exchange-traded funds (ETFs) received U.S. approval. According to SoSoValue data, these ETFs have faced $510 million in net outflows over nine days of trading, with outflows occurring on six of those days.
The CoinDesk 20 (CD20), an index tracking major tokens excluding stablecoins, decreased by 5.73%.
In the futures market, bullish positions faced severe losses, with nearly $200 million wiped out. CoinGlass data revealed that over 97,000 traders were liquidated in the past 24 hours due to the volatile market conditions. Ethereum long positions incurred the most significant losses at $55 million, followed by Bitcoin longs at $43 million.
Earlier forecasts had suggested that Bitcoin could potentially drop to the $55,000 mark, driven by geopolitical tensions in the Middle East and weakened sentiment towards risk assets, including technology stocks.
Related Topics:
