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Crypto market liquidates $272 million in 24 hours as Bitcoin drops to $60k

Author: Content Editor
Bitcoin's price has displayed increased volatility, resulting in $272 million in liquidations over the past 24 hours. The cryptocurrency experienced a decline from $62,000 to a low of $60,000, representing a 3% drop in just 48 hours. This led to slight recovery, but Bitcoin retested the $60,000 level amidst uncertainty in the market. Coinglass data reveals significant long liquidations amounting to $221 million, with 95,621 traders being liquidated. Binance witnessed the largest single liquidation of an ETHUSDT order worth $12.24 million. Binance accounted for the majority of the total liquidations, followed by OKX and Bybit. Ethereum led in asset liquidations, followed by Bitcoin. Traders displayed overly bullish sentiment despite market fluctuations and global geopolitical instability. Bitcoin's price action is stabilizing around $60,000, with the market remaining sensitive to short-term fluctuations and macroeconomic factors. The cryptocurrency has reentered a channel that it has repeatedly traded within, and if it stabilizes within this channel, the bottom support is at $56,600. As of October 3, 2024, Bitcoin is ranked #1 by market cap, with a market capitalization of $1.19 trillion and a 24-hour trading volume of $41.45 billion.

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