The cryptocurrency market faced a notable setback on Sunday as Bitcoin (BTC) slipped below the $59,000 mark, reaching an intraday low of $58,315. This downturn contributed to a broader market decline of 3.18%, reducing the total crypto market value to $2.06 trillion.
Bitcoin’s 3.8% drop over 24 hours was accompanied by similar declines in other major cryptocurrencies. Ethereum (ETH) fell to $2,540, while toncoin (TON), XRP, and Solana (SOL) experienced losses of 7.5%, 6.5%, and 5.73%, respectively.
The market volatility led to significant liquidations in the crypto derivatives sector. Data from coinglass.com revealed that 54,744 traders faced liquidations totaling $132.49 million, with long positions accounting for $102.33 million of the losses. Bitcoin’s long positions saw $25.95 million in liquidations, followed closely by Ethereum at $22.84 million.
Despite the downturn, global crypto trading volume increased by 7.53% compared to the previous day, indicating continued market activity amidst the price fluctuations. As the crypto market navigates this period of volatility, investors and traders remain alert to potential further price movements and market developments.
Bitcoin Dips Below $59K
