Bitcoin and other cryptocurrencies experienced a significant drop at the start of the week, continuing the downward trend that began last week. Bitcoin, which reached an all-time high of over $73,000 in March, fell below $63,000 in the morning hours and settled at $62,170. Analysts attribute this decline to the large sales of Bitcoin miners, the German government transferring a substantial amount of BTC to exchanges, and the negative sentiment in the overall market.
The decline in Bitcoin was mirrored by altcoins, with Ethereum (ETH) dropping to $3,350. In the last 24 hours, ETH decreased by 3.7%, BNB by 3.7%, Solana (SOL) by 7%, XRP by 3.2%, Toncoin (TON) by 5%, Dogecoin (DOGE) by 4.4%, and Cardano (ADA) by 4%. Some altcoins experienced even greater declines, with WIF down by 13.5%, LayerZero (ZRO) down by 13.4%, and PENDLE down by 10%. The only altcoin that saw a small increase was LEO, which rose by 0.5% in the last 24 hours.
These sharp declines not only affected the prices of cryptocurrencies but also left investors with long positions in a difficult situation. According to data from CoinGlass, $162.9 million was liquidated in crypto futures in the last 24 hours, with the majority consisting of long positions. Only $8.8 million came from short positions. Additionally, 69,396 investors were liquidated during this period, with the largest liquidation occurring in the XBTUSD (Bitcoin) transaction on the BitMEX exchange. Bitcoin accounted for $48.8 million of the liquidations, followed by Ethereum with $29 million, SOL, and DOGE.
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