Bitcoin Beat Down Below $60K, $360M In Liquidations

Bitcoin BTC/USD experienced a sharp decline on Monday, plummetting below the psychological barrier of $60,000, its lowest point since May.

What Happened: According to market data, Bitcoin’s price hit a troubling low of $59,809 per coin at 1:30 p.m. EDT on June 24, representing a substantial 6% drop against the U.S. dollar. Over the past week, Bitcoin has shed 8.2% of its value, indicating a persistent bearish sentiment in the market.

This unexpected dip has many investors and analysts scrambling to understand the implications of this bearish trend.

Also Read: Bitcoin Miner Wars: Riot Platforms Pursues Board Changes At Bitfarms

Data from Coinglass indicates a significant wave of liquidations in the cryptocurrency market, with $360 million in long positions liquidated in the past 24 hours, including $148 million in Bitcoin longs.

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During this period, a total of 85,865 crypto derivatives traders were liquidated, resulting in a combined total of $326.26 million wiped out from both long and short positions.

The largest single liquidation event was recorded on Binance, involving a BTC/USDT position worth $15.36 million.

This recent market turbulence highlights the need for in-depth understanding and analysis of cryptocurrency trends.

What’s Next: For those seeking to navigate these choppy waters and gain insights into the future of digital assets, Benzinga’s upcoming Future of Digital Assets event on Nov. 19 promises to be a crucial gathering.

Read Next: Why Bitcoin, Ethereum Could Become A ‘Trump Trade’ Later This Year: Bernstein

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