Bitcoin Price Drops Below $59,000 as Market Decline Hits Ether with Nearly 10% Loss
Cryptocurrencies experienced significant declines as the U.S. trading day concluded, witnessing Bitcoin falling below $59,000 and Ethereum’s ether dropping almost 10%. Earlier in the day, Bitcoin had reached over $62,700 but later plummeted by 6.5% compared to 24 hours prior, hitting a low of $58,240, the lowest since August 19. Similarly, Ether had climbed to $2,700 earlier in the day but was recently trading below $2,500.
The cause of the sudden sell-off remains unclear. The downturn triggered $313 million in liquidations of leveraged crypto derivatives positions in the past 24 hours, marking the largest washout since the crash on August 5, according to CoinGlass data. Ethereum traders faced over $100 million in liquidations, while Bitcoin traders endured $95 million.
Other cryptocurrencies in the top 10 by market capitalization also saw declines. Binance Coin (BNB) dropped nearly 4% to $528, Solana (SOL) decreased by 7% to $146, and XRP traded down 4% to $0.56. Dogecoin (DOGE) and Tron (TRX) were down by 6.5% and 2.25% respectively, trading at $0.098 and $0.158.
Interestingly, the Telegram-associated TON token saw an increase of nearly 5% over the past 24 hours despite a recent sharp decline following the news of Telegram founder Pavel Durov’s arrest in France on various charges.
