Bitcoin Drops Below $60,000 as $177M Is Lost to Liquidations in the Wider Crypto Market

Through the weekend and Monday morning, Bitcoin, the primary cryptocurrency asset dropped below $60,000 while $177 million was lost to liquidations in the wider crypto market.

Bitcoin dropped below the $60,000 mark on Sunday as bearish sentiment returned to the market. According to data from Coinglass, traders lost $177 million to liquidations in the last 24 hours.

At the time of the report, Bitcoin is trading at $59,804, down 1.1% in the last 24 hours. The crypto asset is up 16.0% from its price last week Sunday.

Bitcoin dropped below the $60,000 level on Sunday as bearish sentiment returned to the market.

The world’s primary cryptocurrency dropped to a maximum price of $60,707 and a minimum price of $57,814 in the last 24 hours. BTC dropped 2.3% in the last 24 hours.

Bearish sentiment returned to the market after a week of gains, with the General crypto market dropping 3.0% in the last 24 hours.

The crypto market capitalization dropped from a maximum of $2.24 trillion on Saturday to $2.17 trillion on Sunday evening.

However, the market capitalization is up 3.4% from its value last Sunday, which stood at $2.09 trillion.

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.

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.

Traders’ long positions were liquidated more than their short positions, with traders losing a total of $126.21 in long positions out of the total sum. Short trades accounted for only $53.13 of losses.

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