- June 24, 2024
- Posted by: [email protected]
- Category:
Bitcoin and other popular cryptocurrencies, including Ethereum, Ripple, Dogecoin, and XRP, among others, saw a severe collapse as of June 24th, 2024, with the BTC price declining steadily over the previous two weeks. The whole bitcoin market capitalization has been reduced by about 2%. And the future does not look promising; analysts believe the BTC price could go as low as $60,000 in the coming days.
BTC concluded the past week facing a dramatic dip; it failed to regain its $65,000 mark and ultimately fell below $63,500. The decline persisted, reaching a bottom of approximately $62,634. The consistent drop can be attributed to a confluence of factors such as profit-taking by investors, negative market sentiments, and developments surrounding Bitcoin ETFs.
From a technical viewpoint, BTC has entered a bearish range, and an almost non-existent recovery was observed during the final week of the second quarter of 2024. In the past 24 hours, the crypto market has experienced a massive wave of liquidations, with Bitcoin taking the cake.
Data from Coinglass shows that more than $47.9 million in long Bitcoin positions were liquidated across central exchanges, which represents the vast majority of the $49 million in total liquidated BTC positions. The broader crypto market experienced over $161 million in liquidations, with the majority, approximately $153 million, belonging to long positions.
Ethereum, the second-largest digital currency, also faced substantial liquidation, with over $29.1 million positions liquidated and primarily long positions totaling an average of $28.5 million.
Other popular altcoins have also seen significant declines. According to the data, Ethereum fell 4% to $3,371 in the last 24 hours, while Solana fell 7% to $125. Bitcoin continues to lead the cryptocurrency market, accounting for 51.5%, followed by Ethereum (17.3%). According to Coingecko data, the worldwide cryptocurrency market capitalization has declined by around 3.5% in the last 24 hours, to $2.38 trillion.
