Crypto market liquidations surged to a week-long high on Wednesday as Bitcoin’s price dropped below $60,000. In the last 24 hours, over 74,000 traders were liquidated, totaling $208 million, according to CoinGlass data. Most of these liquidations, amounting to $184 million, affected long position holders. Ethereum investors faced the largest liquidations, totaling $55.5 million, primarily in long positions.
Various factors such as U.S. monetary policy, geopolitical tensions, and the upcoming U.S. presidential election in November are expected to impact Bitcoin’s price in 2024. Bitcoin’s price fell from around $62,200 to as low as $59,425 in intraday trading but has since recovered slightly to above $60,200, still down 3% in the past 24 hours. Ethereum also dropped by 3%, from $3,425 to $3,254, and is currently trading at $3,300.
Solana, the fifth-largest cryptocurrency by market cap, experienced an 8% decline to $140, following VanEck’s filing for a “Solana Trust” exchange-traded fund last month. Top cryptocurrencies have seen a decline over the past month, with Ethereum down over 12% despite the anticipation of Ethereum spot ETFs. Analysts predict these new financial products may start trading by mid-July, potentially boosting ETH’s price. Bitcoin is also down by 12% over the same period.
Nevertheless, analysts remain optimistic about further price gains this year, viewing the current market cooling as a precursor to another significant surge in the coming months. CryptoQuant released a report on Wednesday indicating favorable conditions for Bitcoin’s price bottoming out at current levels.
In conclusion, while the crypto market is currently experiencing fluctuations, experts foresee potential growth in the near future. Stay updated with the latest news and insights by subscribing to Alpha Reports. The Benefits of Regular Exercise
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