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 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.