Bitcoin’s value fell below $59,000 (£46,286) on Thursday as multiple factors exacerbated selling pressure on the digital asset. Bitcoin (BTC-USD) traded down 3.9% over the 24 hours, changing hands for $58,770, as of the time of writing.
Other cryptocurrencies, ether (ETH-USD) and solana (SOL-USD) have fallen further, decreasing by 4.6% and 7.3% respectively. The global cryptocurrency market cap now stands at $2.28tn, a decrease of 4.1% over the past day, according to Coingecko data.
Bitcoin liquidations spike
The recent bitcoin price drop has been exacerbated by a spike in long liquidations. Futures traders betting that the price of bitcoin and other cryptocurrencies will increase in value have lost over $240m in the past 24 hours, according to CoinGlass data.
Bitcoin futures saw more than $61m in long liquidations, while the cryptocurrency market as a whole recorded over $247m (£193.66m) in long liquidations. A long liquidation occurs when an investor who holds a long position in a…
