Market Liquidations Exceed $200 Million as BTC and ETH Decline

Cryptocurrency market liquidations surged to a one-week high on Wednesday as Bitcoin’s price fell below $60,000.

According to CoinGlass data, over the past 24 hours, more than 74,000 traders were liquidated, totaling up to $208 million in value.

A significant portion of this—approximately $184 million—impacted investors holding long positions who had bet on the price rising.

The data indicates that Ethereum investors faced the largest liquidations, amounting to $55.5 million, mostly in long positions.

Ongoing issues surrounding U.S. monetary policy, geopolitical tensions, and the upcoming U.S. presidential election in November are expected to influence the price of this leading cryptocurrency throughout 2024.

Bitcoin fell from around $62,200 to a low of $59,425 during intraday trading. The asset has since recovered to over $60,200 but remains down 3% over the past 24 hours.

Meanwhile, Ethereum also dropped 3% during the same period, falling from a high of $3,425 on Wednesday to a low of $3,254. It is currently trading at $3,300.

Solana, the world’s fifth-largest cryptocurrency by market capitalization, experienced the steepest drop among the top 10 coins, falling around 8% to $140. Solana had previously surged due to New York-based investment management firm VanEck filing for a “Solana Trust” exchange-traded fund late last month.

The leading cryptocurrencies have declined over the past month. Ethereum has dropped over 12% in 30 days despite considerable interest in the upcoming launch of Ethereum spot ETFs.

Related: Bitcoin Drops Below $60,000 in Preparation for Major Price Surge

Some analysts predict that these new financial products could start trading by mid-July, with at least one company forecasting a significant price surge for ETH afterward. Bitcoin has also decreased by 12% during the same period.

Analysts remain optimistic about continued price increases this year, suggesting that the current market cooling may signal another major rally in the coming months, Decrypt reported on Monday.

On Wednesday, analytics firm CryptoQuant released a report examining Bitcoin mining metrics and identifying conditions for the price to bottom out at current levels.