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News

Bitcoin Price Drops Below $58,000 As Crypto Market Slumps

7 hours ago - Around 2 mins mins to read

Key points:

  • Bitcoin’s price dropped to $57,600, a 1.4% decrease over the past day and nearly 10% over the past week.
  • Ether is trading at $2,447, down 1.7% in the last day and 11% over the past week.
Bitcoin price drops to $57,600, down 1.5% daily and 10% weekly. $162M in crypto liquidations, bearish futures outlook, and miner revenue hit yearly low.
Bitcoin Price Drops Below $58,000 As Crypto Market Slumps

Bitcoin Price Drops Lead to Market Downturn

The cryptocurrency market has seen a mild downturn over the weekend, with Bitcoin falling to $57,600 as of press time. This marks a 1.5% decline over the past day and a nearly 10% decline over the past week. Bitcoin maintains a market capitalization of $1.1 trillion and a 54% market share.

Meanwhile, ETH, the second-largest cryptocurrency, saw its price drop to $2,447, reflecting a 1.7% decline over the day and an 11% decline over the past week. Over the past 24 hours, the total value of Bitcoin longs liquidated on centralized exchanges was over $41.5 million, contributing to a broader market liquidation of $162 million.

Read more: Bitcoin ETF Outflow Sees 9 Days of Market Negativity in August

Bearish Sentiment Amid Bitcoin Price Drops

The recent drop in Bitcoin prices comes after a week of net outflows from Bitcoin ETFs in the United States, totalling $276 million, according to data from Sosovalue. According to Coinglass data, the funding rate for Bitcoin futures on derivatives exchanges has turned negative, indicating a bearish outlook among traders.

Additionally, Bitcoin miner revenue hit a new yearly low in August, with subsidies and fees generating $851 million, of which only $20 million came from on-chain fees, according to The Block’s data dashboard. These factors suggest continued pressure on Bitcoin prices and the broader cryptocurrency market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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In the fast-paced world of day trading, I've honed my skills for over six years using technical analysis tools and crafting short-term strategies. My expertise isn't from textbooks but from the trenches of online trading communities. I excel at reading chart patterns, applying technical analysis, and mastering risk management. "The market is about probabilities," I declare. As Editor at Coincu, I empower readers with the insights and strategies to conquer the dynamic world of day trading.
News

Bitcoin Price Drops Below $58,000 As Crypto Market Slumps

Key points:

  • Bitcoin’s price dropped to $57,600, a 1.4% decrease over the past day and nearly 10% over the past week.
  • Ether is trading at $2,447, down 1.7% in the last day and 11% over the past week.
Bitcoin price drops to $57,600, down 1.5% daily and 10% weekly. $162M in crypto liquidations, bearish futures outlook, and miner revenue hit yearly low.
Bitcoin Price Drops Below $58,000 As Crypto Market Slumps

Bitcoin Price Drops Lead to Market Downturn

The cryptocurrency market has seen a mild downturn over the weekend, with Bitcoin falling to $57,600 as of press time. This marks a 1.5% decline over the past day and a nearly 10% decline over the past week. Bitcoin maintains a market capitalization of $1.1 trillion and a 54% market share.

Meanwhile, ETH, the second-largest cryptocurrency, saw its price drop to $2,447, reflecting a 1.7% decline over the day and an 11% decline over the past week. Over the past 24 hours, the total value of Bitcoin longs liquidated on centralized exchanges was over $41.5 million, contributing to a broader market liquidation of $162 million.

Read more: Bitcoin ETF Outflow Sees 9 Days of Market Negativity in August

Bearish Sentiment Amid Bitcoin Price Drops

The recent drop in Bitcoin prices comes after a week of net outflows from Bitcoin ETFs in the United States, totalling $276 million, according to data from Sosovalue. According to Coinglass data, the funding rate for Bitcoin futures on derivatives exchanges has turned negative, indicating a bearish outlook among traders.

Additionally, Bitcoin miner revenue hit a new yearly low in August, with subsidies and fees generating $851 million, of which only $20 million came from on-chain fees, according to The Block’s data dashboard. These factors suggest continued pressure on Bitcoin prices and the broader cryptocurrency market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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