🔥🫣Liquidations Continue💥👈
Bitcoin fell below $58,000, triggering liquidations of over $150 million. August could close as its worst month in a year.
The cryptocurrency market has faced strong headwinds in recent weeks, and Bitcoin $BTC has been one of the hardest hit assets. This Friday, BTC fell below $58,000, hitting a local low of $57,900 before a modest recovery.
This slip comes after Bitcoin briefly approached $65,000 earlier in the week, only to quickly pull back.
Solana ($SOL ) and Cardano ($ADA ) stood out among the top cryptocurrencies with the biggest losses, falling by more than 2.5% in the last 24 hours. The total crypto market capitalization also suffered, falling by almost 1%, according to data from CoinMarketCap.
Bitcoin’s drop has triggered a cascade of liquidations in the market. According to data from Coinglass, more than $150 million in long and short positions have been liquidated in the last 24 hours, affecting more than 54,000 traders.
Liquidations have been most pronounced in assets such as Ethereum (ETH), which has seen liquidations of $43 million, followed by Bitcoin with $35 million.
They are common in a high-volatility environment, where sharp price movements can destabilize leveraged positions.
Earlier in the week, the crypto market had already faced liquidations of more than $300 million when Bitcoin fell below $58,000.
