Bitcoin dives below $60K as crypto market liquidations charge above $300 million

Bitcoin’s price has plunged below $60,000, leading to over $300 million in liquidations in the crypto market, according to Coinglass data. Of the total liquidations, long traders bore the brunt, with liquidations worth $282 million compared to $31.36 million in short liquidations. Ethereum saw the highest liquidations, totaling over $100 million, with $93.52 million in liquidated long positions. Bitcoin closely followed with over $94 million in liquidations, resulting in a drop of more than $2.4 billion in open interest. This correction follows a spike in Bitcoin’s funding rate on August 25, which reached its highest level since the cryptocurrency’s all-time high in March. Traders had anticipated an interest rate cut in September, but the market moved in the opposite direction, leading to significant liquidations. Solana also experienced heavy losses, dropping over 7% and seeing liquidations totaling over $11 million.