On Sunday, the price of Bitcoin fell below the $60,000 mark and continued to drop below $59,000. The leading cryptocurrency reached a low of $58,315 during the day, after having peaked earlier at $61,868.
Data from CoinMarketCap shows that the broader cryptocurrency market declined by 3.18% over the past 24 hours, bringing the total market capitalization down to $2.06 trillion. Bitcoin (BTC) itself dropped by 3.8% during this period, hitting its low of $58,315 at 23:13 CET.
While global cryptocurrency trading volume increased by 7.53% compared to the previous day, it remained moderate compared to the previous week. This latest decline amounts to a 13.9% loss for BTC over the past two weeks against the US dollar.
As of 23:38 CET on Sunday evening, BTC/USD was trading at $58.825 per coin. Ethereum (ETH) also experienced a decline, dropping to a low of $2,540 after reaching $2,720 earlier. By 23:15 CET on Sunday, ETH was trading at $2,568. Among the top ten cryptocurrencies by market capitalization, Toncoin (TON) suffered the most, with a loss of 7.5%, followed by XRP with a 6.5% decline, and Solana (SOL), which dropped by approximately 5.73%. As Sunday evening progressed, prices remained volatile, and selling pressure across the market increased.
Sunday proved particularly challenging for traders in the crypto derivatives markets, as a significant number of long positions were liquidated. According to data from CoinGlass, a total of 54,744 traders were liquidated, with total losses amounting to $132.49 million by 23:15 CET. Of this, $102.33 million came from long positions, with $25.95 million from BTC transactions. Long positions from ETH transactions accounted for $22.84 million in losses, while SOL saw $8.37 million in long liquidations on Sunday. The largest liquidation occurred on OKX, where an ETH transaction resulted in a loss of $2.17 million.
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