On Wednesday, as Bitcoin prices fell below $60,000, the cryptocurrency market’s liquidation volume soared to its highest point in a week. Data from CoinGlass revealed that over the past 24 hours, more than 74,000 traders were liquidated, amounting to $208 million. The majority of this—approximately $184 million—hit investors holding long positions, who had bet on rising prices. The data indicated that Ethereum investors suffered the largest liquidation amount of $55.5 million, almost entirely in long positions. Ongoing issues surrounding U.S. monetary policy, geopolitical tensions, and the upcoming U.S. presidential election in November are expected to impact the peak prices of cryptocurrencies in 2024. Bitcoin dropped from around $62,200 to $59,425 during intraday trading. The asset has since recovered losses over $60,200 but still fell by 3% over the last 24 hours. Meanwhile, Ethereum also fell by 3% during the same period, from Wednesday’s high of $3,425 to a low of $3,254. Its current trading price is $3,300. Solana, the fifth-largest cryptocurrency by global market value, saw the biggest drop among the top ten cryptocurrencies, falling about 8% to $140. At the end of last month, New York-based investment management firm VanEck filed for its “Solana Trust” exchange-traded fund, which has always been favored by Solana. The top cryptocurrencies have seen a decline over the past month. Despite high interest in the debut of Ethereum’s spot ETF, Ethereum has fallen by more than 12% in 30 days. Some analysts predict that the new financial product may begin trading in mid-July, with at least one company forecasting a subsequent surge in ETH prices. Bitcoin also fell by 12% during the same period. It is certain that, as reported by Decrypt on Monday, analysts still expect prices to rise further this year, with the current market cooldown indicating that prices will surge again in the coming months. On Wednesday, analytics firm CryptoQuant released a report studying Bitcoin mining indicators, pointing out conditions for prices to bottom out at current levels. Edited by Sebastian Sinclair.
