Cryptocurrencies experienced significant declines as the U.S. business day ended, with Bitcoin (BTC) falling below $59,000 and Ethereum’s Ether (ETH) dropping nearly 10%.
Earlier in the day, Bitcoin had surged to $62,700 but later fell by 6.5% to as low as $58,240, marking its lowest price since August 19. Similarly, Ether reached a high of $2,700 but recently traded below $2,500.
The cause of the abrupt decline remains unclear. The downturn prompted $313 million in liquidations of leveraged crypto derivatives positions in the past 24 hours, the largest since the August 5 crash, according to CoinGlass data. Ether traders faced over $100 million in liquidations, while Bitcoin traders saw $95 million in losses.
Other major cryptocurrencies also faced declines. Binance Coin (BNB) fell nearly 4% to $528, Solana (SOL) dropped 7% to $146, and XRP fell 4% to $0.56. Dogecoin (DOGE) and Tron (TRX) experienced declines of 6.5% and 2.25%, trading at $0.098 and $0.158 respectively.
In contrast, the Telegram-associated TON token saw a nearly 5% increase over the past 24 hours, recovering from a sharp decline triggered by news of Telegram founder Pavel Durov’s arrest in France on various charges.
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