Janice R. Andrews
Wednesday, Bitcoin (BTC) went below the $59,000 mark, and the cryptocurrency market as a whole lost a lot of value. After reaching a high point of $62,700 earlier in the day, the most valuable digital currency fell to $58,240, its lowest level since August 19. In the past 24 hours, Bitcoin’s price has dropped 6.5%. Ether (ETH), which is used to store Ethereum, also dropped sharply, dropping almost 10% to below $2,500 after hitting $2,700 earlier in the day.
The reason for the sell-off is still unknown, but CoinGlass data shows that the sudden drop caused $313 million worth of leveraged crypto futures bets to be closed in the last 24 hours. This was the biggest washout since August 5. buyers in Ethereum lost more than $100 million in liquidations, while Bitcoin buyers lost $95 million.
A lot of other big cryptocurrencies also lost value. For example, Binance Coin (BNB) dropped almost 4% to $528, Solana (SOL) dropped 7% to $146, and XRP dropped 4% to $0.56. When they were selling at $0.098 and $0.158, Dogecoin (DOGE) and Tron (TRX) were each down 6.5%.
But the TON coin, which is linked to Telegram, went against the trend. It has gone up almost 5% in the last 24 hours after going down when news came out that Telegram founder Pavel Durov had been arrested in France on multiple charges.
