Cryptocurrency Prices Falling Amid Wave of Liquidations
The prices of Bitcoin (BTC) have briefly dropped below $60,000 U.S., while Ethereum (ETH), the second-largest cryptocurrency, saw a 5% decline to trade at $2,469.50 U.S.
Analysts attribute the current price drops to leverage driven liquidations, leading to significant market sell-offs as investors settle their debts.
Data from CoinGlass indicates:
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$94 million in Ethereum liquidations over the past 24 hours
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Approximately $85 million U.S. worth of Bitcoin liquidations