Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000
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Bitcoin's price fell below $60,000 briefly, causing significant market liquidations worth $197 million within 24 hours. This decline shows the ongoing uncertainty in the crypto market, with traders remaining cautious.
The liquidation spike followed the news of Genesis Global Capital's repayments, which added more Bitcoin and Ethereum into the market. This has led to a bearish sentiment not only for Bitcoin and Ethereum but also for other cryptocurrencies.
Ethereum experienced the highest amount of liquidations with $57.22 million, followed by Bitcoin at $46.19 million and Solana at $15.35 million. Most liquidations occurred on exchanges like Binance, OKX, and Bybit.
Historically, the crypto market has witnessed large liquidations during bearish trends. Recent developments suggest this trend may continue as Bitcoin struggles to hold above $60,000.
Spot Bitcoin ETFs, usually a catalyst for price surges, ended last week negatively with $237.4 million in outflows, the highest since May 1.
Source: www.newsbtc.com ↗
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