Bitcoin’s price has dropped to $57,040 as the market experiences a decline fueled by concerns of a global recession and escalating tensions in the Middle East. This marks an 8% decrease since the start of the weekend, with Bitcoin hitting its lowest price in almost three weeks.
In addition to Bitcoin, other cryptocurrencies have also seen losses. Ethereum fell over 6% in the past 24 hours to $2,613, while Solana experienced a 9% decline to $131 before attempting a recovery. Altcoins like BNB, Dogecoin, Avalanche, and Cardano also saw declines ranging from 3% to 7%.
Despite efforts to recover from key support levels, the market continues to face heavy selling pressure due to macroeconomic and geopolitical fears. Long positions in the cryptocurrency market have been hit hard, with $282.83 million liquidated in the past 24 hours, affecting over 100,000 traders. Ethereum and Bitcoin longs suffered the most significant losses, with Binance being the hardest-hit exchange.
At the time of writing, Bitcoin is ranked #1 by market cap, with a price decrease of 5.2% over the past 24 hours. The total cryptocurrency market is valued at $2.03 trillion, with a 24-hour trading volume of $70.67 billion. Bitcoin dominance currently stands at 55.92%.
Despite the market’s current challenges, some cryptocurrencies like Toncoin have managed to avoid the downturn, trading at $5.86 with only a 0.03% decrease in the last 24 hours. However, TON has seen a 10% decline over the past week, indicating ongoing volatility in the cryptocurrency market. Investors and traders are closely monitoring the situation as the market navigates through these turbulent times.