Bitcoin’s Sudden Drop to $58K Results in Over $320 Million in Liquidations
The cryptocurrency market is facing significant challenges as Bitcoin’s price plummets to just above $58,000, marking a nine-day low. This sharp decline has triggered widespread losses across the market, impacting major altcoins like ETH, SOL, DOGE, LINK, AVAX, and SHIB. Altogether, liquidations have exceeded $320 million.
Earlier this week, Bitcoin appeared to be on an upward trend, testing the $65,000 mark. However, this momentum quickly faded. By Tuesday morning, Bitcoin had already slipped to $64,000, with market activity remaining relatively calm. The situation changed drastically in the last 12 hours as bearish sentiment took hold, driving BTC down to $58,100 on Bitstamp, its lowest level since August 19.
Although Bitcoin has since rebounded to $59,500, it remains 6% lower for the day, with its market capitalization falling from $1.240 trillion to $1.170 trillion.
Altcoins have been hit even harder. Ethereum has dropped more than 8%, now struggling to hold above $2,500. Other significant altcoins like SOL, DOGE, AVAX, SHIB, BCH, DOT, and LINK have also seen notable declines, with some falling as much as 8%. Smaller tokens such as MATIC, SUI, FET, TAO, and PEPE have experienced even steeper drops, with double-digit losses.
This increased volatility has been particularly damaging for over-leveraged traders, with nearly 90,000 positions liquidated in the past 24 hours alone. The total value of these liquidations has surpassed $320 million, with the largest single liquidation order occurring on Binance.
