Cryptocurrency Prices Today: Bitcoin drops to $59,000 level; Major altcoins decline
cryptocurrency market has experienced a sharp decline today, reversing recent gains and raising concerns among investors. Bitcoin (BTC) fell to around $59,000 in the past 24 hours, while the global crypto market cap dropped nearly 6% to $2.08 trillion.
As of 12:44 pm IST, Bitcoin was down 5.7%, trading at $59,198, while Ethereum fell 7.85% to $2,466.
Shivam Thakral, CEO of BuyUcoin, explained, «Bitcoin’s drop below $60,000 and Ethereum's nearly 7% fall were driven by a wave of liquidations totaling over $300 million. This was sparked by investor uncertainty and a general market downturn. Despite this setback, the long-term outlook remains positive due to strong fundamentals and ongoing institutional interest.»
Meanwhile, the CoinDCX Research Team noted, «The crypto market’s 5% decline in the past 24 hours occurred without specific news triggers. This sell-off may be due to concerns ahead of upcoming macro data releases, such as U.S. GDP and PCE Index figures. The technical charts had already been bearish, contributing to the market weakness.»
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
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