Bitcoin Slides Below $58K as Market Plunge Wipes Out $178M

After lingering around the $59,000 mark, bitcoin’s value has faced downward pressure, dipping to an intraday low of $57,775 on Friday. Over the past 24 hours, bitcoin (BTC) has slipped by 4.6%, while ether (ETH) saw a 5.4% decline.

Friday Crypto Slide: Bitcoin Falls, Ether Sinks, and Liquidations Jump

The crypto market is in the red this Friday, down by 4% from the previous day, with the total market cap standing at $2.05 trillion. Every top ten cryptocurrency, aside from stablecoins, has taken a hit. Bitcoin (BTC) dipped to an intraday low of $57,775 after briefly hovering above $60,000 on Thursday afternoon. As of 12:30 p.m. EDT, BTC held its ground above the $58,000 mark, though it’s been a battle to maintain that level.

Ethereum (ETH) dropped to $2,446 from a high of $2,585 earlier in the day. BNB is down 3.4%, solana (SOL) has lost 8.7%, XRP has dipped 3.8%, and dogecoin (DOGE) has fallen 3.2%. Despite the losses, Tron (TRX) has climbed to the ninth spot by market cap, though it’s still down 0.6% today. Toncoin (TON) rounds out the top ten, down 3.9% against the U.S. dollar.

Friday’s decline has led to $178.08 million in liquidations, with the majority being long positions. Out of that total, $154.73 million were from long trades, with BTC longs contributing $46.35 million. Ethereum (ETH) longs saw $32.3 million wiped out over the past 24 hours. According to coinglass.com metrics, 66,976 traders were liquidated during the day.

As the crypto market navigates through these turbulent waters, traders face mounting pressure to reassess their strategies. The broad-based downturn underscores the volatility that continues to define this space in recent times. With significant liquidations and fluctuating market caps, the resilience of these digital assets will be tested in the coming days and weeks.

What do you think about the day’s crypto market action so far? Share your thoughts and opinions about this subject in the comments section below.

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