Thursday, 5 June 2025

Cryptocurrencies under sales wave .. Bitcoin falls below $ 60,000

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Cryptocurrencies continued their losses on Wednesday, after a wave of liquidations of leveraged crypto derivatives sent prices lower overnight.

Bitcoin’s price was last down 3.2% at $ 59,026.37, according to Coin Metrics. It at one point fell to a low of $ 58,080.87, according to CNBC.

Ether fell more than 2% to $ 2,525.26.

“There have been several large liquidations across crypto derivatives platforms,” ​​said Adam McCarthy, a research analyst at Kaiko.

“With prices falling rapidly, this could have a cascading effect on longs, which could exacerbate the price decline.”

The market could continue to be volatile over the next week or so ahead of next week’s nonfarm payrolls data and as the September U.S. Federal Reserve meeting approaches.

Tuesday saw the end of an eight-day streak of inflows into spot bitcoin ETFs, with more than $120 million in funds flowing in, potentially putting pressure on the market.

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