Ethereum and Bitcoin prices drop, leading to over $200 million in crypto liquidations

Crypto market liquidations soared to a peak in a week on Wednesday as Bitcoin’s price fell below $60,000.

Within the last 24 hours, over 74,000 traders faced liquidation totaling $208 million, data from CoinGlass indicates.

The majority of these liquidations, around $184 million, impacted investors who had long positions betting on price increases.

Ethereum investors suffered the biggest losses, with liquidations totaling $55.5 million, primarily from long positions.

Various factors such as U.S. monetary policy, geopolitical tensions, and the upcoming U.S. presidential election are expected to affect Bitcoin’s price in 2024.

Bitcoin plummeted from about $62,200 to a low of $59,425 during intraday trading. Although the asset has recovered slightly to above $60,200, it remains down by 3% in the last 24 hours.

Meanwhile, Ethereum has also decreased by 3% within the same period, dropping from a Wednesday high of $3,425 to as low as $3,254 and currently trading at $3,300.

Solana, the fifth-largest cryptocurrency by market cap, experienced the most significant decrease among the top 10 coins, plunging approximately 8% to $140. Solana’s decline followed the filing of the “Solana Trust” exchange-traded fund by VanEck, a New York-based investment management firm last month.

Despite the growing interest in the introduction of Ethereum spot ETFs, top cryptocurrencies like Ethereum have declined over the past month, with Ethereum down by over 12% in 30 days.

Analysts anticipate the trading of these new financial products starting by mid-July, with one firm even predicting a subsequent surge in ETH’s price. Bitcoin has also seen a 12% decline during the same period.

Despite the current market cooling, analysts remain optimistic about further price increases this year, suggesting that the current conditions could lead to a significant price surge in the coming months.

Recently, CryptoQuant released a report on Bitcoin mining metrics indicating conditions for price stabilization at current levels.

Edited by Sebastian Sinclair.

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