This past weekend was brutal for the crypto market. Bitcoin, the flagship cryptocurrency, plummeted below $60,000 during early U.S. trading hours on Sunday. This drop marked the fourth consecutive day of a market sell-off, leaving many traders reeling from nearly $200 million in losses. The bearish sentiment swept across major cryptocurrencies, with Ethereum (ETH) falling below $2,900 and wiping out gains from its recent peak of $3,400 in July, despite the launch of spot ETH exchange-traded funds (ETFs) in the U.S.
Bitcoin’s price nosedived by 4% in the last 24 hours, hitting a three-week low of $59,400. Major cryptocurrencies also took a hit: Solana’s SOL and Dogecoin (DOGE) plunged over 9%, while BNB, XRP, and Cardano’s ADA each fell by at least 6%. Even Toncoin (TON) wasn’t spared, although it fared slightly better with a 1.8% decline.
The entire market felt the impact, as evidenced by the CoinDesk 20 (CD20) index, which tracks the largest tokens excluding stablecoins. It fell by 5.73%, a clear sign of widespread selling pressure. This dramatic shift also led to the liquidation of bullish futures positions. According to CoinGlass data, over 97,000 traders were liquidated in the past 24 hours alone, with ETH longs leading the pack with $55 million in losses, followed by Bitcoin longs at $43 million.
The sell-off didn’t just happen out of nowhere. Market analysts have been warning of potential drops amid geopolitical tensions in the Middle East and a general decline in risk appetite affecting tech stocks. This recent downturn serves as a stark reminder of the volatility inherent in the crypto markets. For traders, it’s a call to stay vigilant and perhaps reassess their strategies in these turbulent times.
