Bitcoin dips below $60,000 amidst $177m crypto market liquidation

Bitcoin fell below $60,000 over the weekend, hitting $59,804 as bearish sentiment gripped the market, leading to $177 million in liquidations. The overall crypto market lost 3% of its value, dropping to $2.17 trillion.

Ethereum, the largest altcoin, dipped to $2,540 before recovering to $2,669. Solana (SOL) was the hardest hit among the top ten, falling by 3.2% in the last 24 hours.

According to Coinglass, 69,465 traders lost approximately $180 million in the last 24 hours, with long positions taking the majority of the hit. The largest single liquidation order, worth $2.17 million, occurred on OKX.

Despite these losses, Bitcoin remains up 16% over the past week, though it’s still 19% down from its all-time high of $73,737 in March 2024. The market has somewhat recovered after a significant drop last week due to macroeconomic factors and large Bitcoin movements to centralized exchanges.

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Other altcoins also mirrored the drop in Bitcoin price levels with Ethereum the largest Altcoin by Market Capitalization dropping to $2,540 on Sunday before recovering to $2,669 at the time of report.

Amongst the top ten crypto assets by market capitalization Solana (SOL) took the hardest hit dropping by 3.2% in the last 24 hours. Other top losers include Bitcoin which dropped by 2.3% and Binance coin (BNB) which dropped by 2.0%.

According to data from Coinglass, the crypto market in the last 24 hours lost $179.33 million to liquidations. About 69,465 traders lost approximately $180 million to liquidations in the last 24 hours. Long traders accounted for $126.21 million in losses out of the total sum while short trades accounted for only $53.13 of losses.

Bitcoin trades led the long positions by the traders accounting for $47.18 million in trades while Ethereum followed closely with $46.95 million in long positions. Solana chipped in at third position with $15.33 million in long positions.

The largest single liquidation order happened on OKX — ETH-USD-SWAP valued at $2.17M.

Binance, OKX, and Bybit recorded the highest volume of trades respectively out of the top 7 exchanges featured in Coinglass data.

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At the moment Bitcoin is exchanging hands for $59,804 dropping by 1.1% in the last 24 hours with a maximum price of $60,707 and a minimum price of $57,814. Despite the drop, Bitcoin is up 16.0% from its price in the last 7 days.

The crypto asset is currently 19% down from its all-time high of $73,737 which it recorded on March 14, 2024.

Last week Monday, Bitcoin reacted to a severe market crash falling below the $50,000 price level for a while. The market crash was a result of certain macroeconomic and crypto-related factors which included the Japan Nikkei dropping to a multi-decade low and Jump crypto moving large caches of bitcoin to centralized exchanges.

The Crypto market has since recovered from the crash with Bitcoin now adding over $10,000 in value since that dark Monday.