Bitcoin tumbles to $59,000 as global crypto market cap declines 6%
The cryptocurrency market is experiencing a significant downturn once again, with Bitcoin plummeting to the $59,000 level amid a drop in the overall crypto market cap.
Just as Bitcoin appeared to be making a positive recovery and regaining the $63,000 level yesterday, it has now erased all its gains in the past 24 hours. BTC briefly dropped as low as $58,000 before rebounding to its current price above $59,000.
Ethereum has also suffered an 8% loss during this period. ETH went from a 24-hour high of $2,700 to as low as $2,400.
According to CoinMarketCap data, the entire cryptocurrency market has experienced a tumultuous hit, with a 6% decrease recorded in the last 24 hours. This market downturn has also caused the top 20 altcoins to see single-digit losses.
Despite a surge in AI tokens in anticipation of Nvidia’s Q2 earnings report, the market crash has dragged down these tokens as well, wiping out gains from the previous days.
Additional data from Coinglass reveals that total crypto liquidations have surpassed $320 million in the last 24 hours, with over 87,700 traders being liquidated. The largest single liquidation amounted to $12.67 million. However, the exact reason behind the sell-off and price drop remains unclear.
In an interesting turn of events amid the market crash, some meme coins such as DOGS, POPCAT (a popular Solana meme coin), and Toncoin are trading in the green. DOGS and POPCAT have seen a 2% increase, while TON has maintained a 1% gain and is currently hovering near $5.3.
Toncoin experienced a significant plunge of over 21% following the arrest of Telegram founder Pavel Durov in France. Tonscan data also reveals that the TON network is likely facing an outage, as no transactions have been processed in the last four hours.
Furthermore, the crypto fear and greed index has fallen to a fear level of 30. Alternative data suggests that this index was at a neutral stance of 48 just yesterday. However, the emotions and sentiments among investors have triggered fear and panic, as indicated by the data.