Markets
Bitcoin Drops to $57,000, Solana Plunges 8% Daily (Market Watch)
Cryptocurrency markets have been in a tailspin for the past 24 hours, with total capitalization plunging below $2.5 trillion, down 5% on the day.
This follows notable declines across the board in Bitcoin, Ethereum, BNB, Solana, and almost the entire market.
Bitcoin plummets to $57,000
At the time of writing, the price of Bitcoin is trading around $57,700, down more than 5% in the last 24 hours and about the same for the week.
As the chart shows, BTC has been gradually declining since Monday (July 1), when it reached its peak above $63,500. The bulls were unable to maintain the buying pressure, which allowed sellers to step in and push the price down to current levels.
It is worth noting that the most recent move resulted in the liquidation of positions worth over $300 million, the vast majority of which were long.
But it’s not just Bitcoin that’s going through a tough time.
Altcoins Crash, Solana Loses More Than 8% Per Day
The cryptocurrency heatmap is completely painted in red and there are absolutely no exceptions in the last 24 hours.
One of the worst performing stocks is Solana, which lost about 8% of its price. Other stocks in this category are LINK (-8.5%), SHIB (-8.6%), PEPE (-11%), etc.
You will notice that meme coins are in a worse situation than other cryptocurrencies, and this is true for the entire segment, as major memes are seeing double-digit declines.
Overall, the cryptocurrency market continues to plummet even as we write this, and it’s interesting to see how far the bears can push the price down. It seems like all eyes are currently on the critical $56,000 support for BTC, so let’s see if that manages to hold.
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Cryptocurrency Charts by TradingView.