Bitcoin Dips Below $59K: A Closer Look at the $132M Liquidation Impact

On Sunday, bitcoin slipped below the $60,000 mark and dipped even further, hitting an intraday low of $58,315 after reaching a high of $61,868 earlier in the day.

Crypto Crash Course: Long Positions Take a Tumble in Sunday’s Wipeout

Statistics show that the broader crypto market saw a decline of 3.18% over the past 24 hours, bringing its total value down to $2.06 trillion. Bitcoin (BTC) itself dropped by 3.8%, reaching its low of $58,315 on the exchange Bitstamp at 5:13 p.m. EDT. Although global crypto trading volume increased by 7.53% compared to the previous day, it remained subdued compared to the previous week. This latest dip in value adds up to a 13.9% loss for BTC over the last two weeks against the U.S. dollar.

As of 5:15 p.m. EDT on Sunday, Ethereum (ETH) also experienced a downturn, falling to a low of $2,540 after reaching $2,720 earlier. Among the top ten cryptocurrencies by market cap, toncoin (TON) took the hardest hit, losing 7.5%, followed by XRP with a 6.5% loss, and solana (SOL), which fell by approximately 5.73%. Prices across the board remained volatile, with increased selling pressure as Sunday evening approached.

Today was particularly challenging for many traders in the crypto derivatives markets, as a significant number of long positions were wiped out. According to data from coinglass.com, 54,744 traders faced liquidations, with the total amount reaching $132.49 million by 5:15 p.m. EDT. Out of that, $102.33 million came from long positions, including $25.95 million from BTC trades. Ethereum (ETH) long positions accounted for $22.84 million in losses, while solana (SOL) saw $8.37 million in long liquidations on Sunday. The largest single wipeout happened on Okx, where an ETH trade resulted in a $2.17 million loss.

What do you think about the crypto market losses on Sunday? Let us know what you think about this subject in the comments section below.