The cryptocurrency market experienced a sharp downturn as the U.S. trading day concluded, with Bitcoin (BTC) falling below $59,000 and Ethereum’s Ether (ETH) declining by nearly 10%.
Bitcoin and Ether See Sharp Declines
Bitcoin, which had earlier in the day peaked at over $62,700, saw a steep drop, plunging 6.5% within 24 hours. At one point, Bitcoin reached as low as $58,240, marking its lowest price since August 19. Similarly, Ether, which had traded as high as $2,700 earlier in the day, dropped below $2,500.
Market Uncertainty and Liquidations
The exact cause of the sell-off remains unclear. However, the sudden downturn resulted in $313 million worth of liquidations in leveraged crypto derivatives positions over the past 24 hours. This is the most significant liquidation event since the August 5 crash, according to data from CoinGlass. Ether traders faced liquidations exceeding $100 million, while Bitcoin traders saw $95 million in liquidations.
Broader Impact on Major Cryptocurrencies
Other major cryptocurrencies by market capitalization also experienced declines. Binance Coin (BNB) fell nearly 4% to $528, Solana (SOL) dropped 7% to $146, and XRP traded down 4% to $0.56. Dogecoin (DOGE) and Tron (TRX) were not spared, falling by 6.5% and 2.25%, respectively, to $0.098 and $0.158.
TON Token Gains Amid Market Downturn
In contrast to the broader market trend, the TON token, associated with Telegram, saw a nearly 5% increase over the past 24 hours. This surge came despite the news of Telegram founder Pavel Durov’s arrest in France on various charges, which had previously caused the token’s price to drop significantly.
Conclusion
The cryptocurrency market remains volatile, with significant fluctuations in major assets. As traders assess the impact of the recent sell-off and liquidation events, the market’s next moves remain uncertain.
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