Bitcoin fell below $60,000 in early US trading on Sunday amid a massive sell-off in the cryptocurrency market that continued for the fourth day, CoinDesk writes.
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Bitcoin fell 4% in the last 24 hours alone, hitting a three-week low of $59,400, according to CoinGecko. Among the major currencies, Solana’s SOL and Dogecoin (DOGE) fell more than 9%. BNB Chain’s BNB, Cardano’s ADA and XRP fell 6%, Toncoin (TON) fell 1.8%.
Ethereum fell below $2,900, returning to its previous level before rising to $3,400 in July when the US Securities and Exchange Commission (SEC) approved the first Ethereum spot ETFs in the US. The products saw net outflows on six of the nine trading days, showing a total net outflow of $510 million since launch, according to SoSoValue.
The CoinDesk 20 (CD20), a liquid index tracking the largest tokens excluding stablecoins, fell 5.73%.
Bullish futures bets contributed to nearly $200 million in losses as more than 97,000 traders’ positions were liquidated in the market in the last 24 hours, according to CoinGlass data. About $55 million in losses came from long positions on Ethereum, and $43 million from long positions on Bitcoin.
Some experts predict Bitcoin will fall further towards $55,000 amid geopolitical tensions in the Middle East and worsening investor sentiment towards risky assets such as technology stocks. And analysts at the Coinbase cryptocurrency exchange explained the current situation with the downward trend in the cryptocurrency market, which is traditional for August.