- On Sunday, the price of bitcoin dropped below $60,000 and below the $59,000 level even more. The top cryptocurrency earlier in the day reached a high of $61,868 before reaching an intraday low of $58,315.
Investing in Cryptocurrency: Long Positions Take a Dive in the Wipeout on Sunday
The value of the whole cryptocurrency market dropped to $2.06 trillion after a 3.18% decrease in the last 24 hours, according to statistics. During that same time frame, the value of Bitcoin (BTC) fell by 3.8%, hitting a low of $58,315 on the Bitstamp platform at 5:13 p.m. EDT.
Global cryptocurrency trade volume rose by 7.53% from the day before, but it was still very low when compared to the prior week. Against the US dollar, Bitcoin has lost 13.9% of its value over the past two weeks as a result of this most recent decline.
Ethereum (ETH) saw a decline as well, hitting a low of $2,540 following a peak of $2,720. ETH’s price as of Sunday at 5:15 p.m. EDT was $2,568. Toncoin (TON), which dropped 7.5%, was the worst-hit cryptocurrency among the top ten by market capitalization. XRP lost 6.5%, and Solana (SOL) dropped roughly 5.73%. Prices remained erratic overall as Sunday night drew near, with more selling pressure.
Many traders in the cryptocurrency futures markets had a difficult day today as many of their long positions were liquidated. 54,744 dealers faced liquidations, with a total sum reaching $132.49 million at 5:15 p.m. EDT, according to data from coinglass.com.
Of total, long positions were for $102.33 million, of which $25.95 million were BTC trades. Long bets in Ethereum (ETH) resulted in losses of $22.84 million, while long liquidations in Solana (SOL) totaled $8.37 million on Sunday. The biggest wipeout ever occurred on Okx, where a $2.17 million loss on an ETH trade.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
