BCGAME - Free 5BTC Daily Bonus!- Bitcoin falls below $60 again.
- Cryptocurrency liquidations exceed US$650 million.
- Bitcoin ETFs register strong capital outflow.
The cryptocurrency market faced another day of selling pressure on Wednesday, with Bitcoin falling below the $60.000 mark. The move extended losses seen in recent days and occurred amid weakening risk assets in global markets.
The leading cryptocurrency in the market reached the US$59.100 region during trading. At the time of the most intense movement, Bitcoin was trading near US$59.600, accumulating a drop of almost 5% in the last 24 hours.
The correction triggered a strong wave of liquidations in leveraged positions. Market data indicated that more than US$650 million was eliminated in forced transactions during the period. Most of this amount came from long positions, which accounted for approximately US$580 million. Short positions represented approximately US$70 million.
The pressure wasn't limited to Bitcoin. Ether lost support at $1.600 and began trading near $1.590. Other relevant cryptocurrencies also followed suit, including Solana, which fell below $67, while XRP traded around $1,05.
With the widespread decline, the total value of the cryptocurrency market shrank to approximately US$2,08 trillion. The sector's daily drop was close to 3%, highlighting a risk aversion trend that affected various financial segments.
In traditional markets, investors continued to reduce their exposure to technology stocks. Since mid-June, the S&P 500 index has fallen by nearly 3%, while the Nasdaq has registered a decline of around 4%. This movement occurs amid discussions about the high valuations of tech giants and the rising costs associated with artificial intelligence infrastructure.
Companies linked to the cryptocurrency sector felt the effects of the correction. Strategy's shares fell almost 9%, trading below US$100. Other companies with exposure to Bitcoin, such as Strive, Bitmine, and SharpLink, also recorded significant losses.
Brokerages and companies in the sector, including Coinbase, Robinhood, Circle, Galaxy Digital, and Bullish, followed the market weakness. Bitcoin mining companies and data center operators also experienced significant declines, reflecting reduced investor appetite.
In addition to price pressure, institutional flows showed signs of weakening. Bitcoin spot ETFs traded in the United States recorded combined net outflows of approximately $180 million in two days. Ether spot ETFs also experienced redemptions, with withdrawals totaling around $152,5 million in the same period.
With the latest pullback, Bitcoin has once again traded below $60.000 for the second time in June, returning to levels not seen since October 2024.
