Bitcoin Price Dips Under $59,000 After $100 Million Liquidation: Market Forecast
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Bitcoin (BTC), the leading cryptocurrency, recovered slightly, bouncing back above $59,000 and reaching an intraday high of $60,494.
Despite this, the broader crypto market faced a tough day, with BTC slipping below $60,000 and touching a low of $58,315.
Overall, the crypto market dropped over 3% in the past 24 hours, bringing its total value down to $2.06 trillion. Bitcoin itself saw a 3.8% decline, marking a 13.9% loss over the last two weeks. However, the market experienced $132 million in liquidations, with over 54,000 traders affected.
Bitcoin’s long positions alone faced $25.95 million in losses, while Ethereum (ETH) and Solana (SOL) also saw significant liquidations. The day was marked by increased volatility and selling pressure across major cryptocurrencies.
Bitcoin (BTC) and other leading cryptocurrencies saw significant drops on Monday, leading to $132 million in liquidations, particularly impacting long positions.
This abrupt market shift was fueled by profit-taking after a strong rally, macroeconomic concerns, regulatory pressures, and possible market manipulation.
Despite this downturn, the cryptocurrency market’s long-term resilience remains intact, supported by ongoing technological advancements and a growing maturity that signals the potential for future recovery and growth.
Key Points:
Marathon Digital Holdings is raising $250 million by selling convertible senior notes to increase its Bitcoin holdings.
These notes are a type of debt that can be converted into shares later. The company plans to use most of
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