Bitcoin’s price fell below $60K today, undoing the climb towards $63K seen earlier, which turned out to be a bull trap.
Currently, BTC is trading around $58.8K, having dropped to a low of approximately $57,800 recently.
This results in a 3.7% decline in Bitcoin’s value over the last 24 hours and a 3.6% drop for the week. Most of the altcoins are also experiencing significant losses.
Ethereum decreased by 4.4%, Solana by 9.3%, BNB by 5.4% all within the last day.
Consequently, the total liquidations are increasing. Data from Coinglass indicates that there were $262M in liquidations at the time of writing, with $233M coming from long positions.
Meme coins have also taken a hit, with Shiba Inu (SHIB) dropping by 6% today, contributing to an 8% loss for the week. Other meme coins such as WIF, FLOKI, MEW, and POPCAT are also down by double-digit percentages.
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