Bitcoin, Ethereum Prices Plummet, $200 Million Lost in Crypto 💸😱

Crypto Market Liquidations Spike as Bitcoin Slides

Crypto market liquidations surged to their highest level in a week as Bitcoin’s price fell below $60,000. Over the past day, more than 74,000 traders were liquidated, totaling $208 million, according to CoinGlass data.

The majority of liquidations, about $184 million, affected investors with long positions anticipating price increases.
Ethereum investors bore the brunt of the liquidations, losing $55.5 million predominantly in long positions.

Factors Impacting Crypto Prices

Various factors such as U.S. monetary policy, geopolitical tensions, and the upcoming U.S. presidential election are expected to influence the price of the top cryptocurrency throughout 2024.

Bitcoin and Ethereum Price Movements

Bitcoin dipped from $62,200 to $59,425 before recovering to above $60,200, representing a 3% decline in 24 hours.
Ethereum also decreased by 3%, falling from $3,425 to $3,254, and currently stands at $3,300.

Solana’s Significant Decline

Solana, the fifth-largest crypto by market cap, experienced an 8% drop to $140, impacted by market movements and external factors.

Cryptocurrency Performance In Recent Months

Ethereum is down over 12% in the last 30 days despite expectations around the launch of Ethereum spot ETFs.
Bitcoin has also decreased by 12% during this period.

Outlook and Predictions

Analysts anticipate future price increases following the current market cool-off, with potential for a significant surge in crypto prices in the coming months.

Conclusion

Despite recent market fluctuations, analysts remain optimistic about the long-term price performance of cryptocurrencies, with indicators suggesting a possible bottoming out of prices at current levels.