Bitcoin price falls to $58K as liquidations surpass $250M

07/04/2024

4,5

★

Today saw Bitcoin's value dip below the $60K mark, effectively making the recent surge toward $63K seem like a false uptick.

Currently, BTC is valued at approximately $58.8K, although it did hit a low point of around $57,800 earlier.

This decline represents a decrease of 3.7% over the last day and a 3.6% drop over the week. The majority of alternative cryptocurrencies are similarly experiencing significant declines.

In the past 24 hours, Ethereum has dropped by 4.4%, Solana by 9.3%, and BNB by 5.4%.

This downturn is also reflected in the increasing amounts of liquidated trades. Current data from Coinglass indicates liquidations have reached $262M, with long positions accounting for $233M of this total.

Memecoins have taken a hit as well. Shiba Inu (SHIB) experienced a 6% decrease today, leading to an 8% loss over the week. Other memecoins have similarly seen declines, with WIF falling by 10%, FLOKI by 11%, MEW by 13%, POPCAT by 17%, and others continuing the downward trend.

Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.