Bitcoin (BTC) Dives by 17% in 24 Hours, Crypto Market Liquidations Surpass $750M

Bitcoin just plunged by 17% in the past 24 hours to a price not seen since last February. The prime crypto asset dropped from a $61,058.94 high to a $50,771.06 low within those hours as the calendar headed to Monday.

Bitcoin price crashed by 17% over the past 24 hours, dropping to a price level last seen in February. The primary crypto asset slid from a high of $61,058.94 to a low of $50,771.06 during those hours as the calendar ticked over to Monday.

Bitcoin’s most significant price action occurred at around UTC midnight when it steeply declined from $56K to $53K. As of Monday morning, it slid further from the $52K to the $50K region.

Along the way, there was a palpable sense of dread among investors, reflected in the fresh reading of the Crypto Fear & Greed Index. The metric, which gauges crypto market sentiment, dialed down to 26 points from Sunday’s 34 points within the “Fear” line of the scale.

The figures were notably lower than last week’s 74 points, when BTC was still hovering around $69K in the aftermath of the Bitcoin2024 conference in Nashville.

Over $759 Million Bitcoin Price Long Liquidations

The market’s bleak state was evidenced by the liquidation of $759 million in long crypto positions over the past 24 hours. Bitcoin itself accounted for $220.30 million of these longs, set against $35.59 million in liquidated shorts. In total, the market liquidated $255.89 million in BTC positions during the timeframe.

Around $500 million of the liquidations in the crypto market occurred during the past 12 hours. The event coincided with the time when Bitcoin dropped the ball from $56K to $53K on the charts.

But Bitcoin wasn’t the biggest contributor to the present trend; the Ethereum (ETH) ecosystem shed $271.49 million in long positions during this span of time. Including the $38.77 million in shorts, a total of $310.26 million in ETH positions got wrecked amid the volatility in the crypto market.

Futures Markets Suffer the Same Fate

The malaise among investors wasn’t confined to Bitcoin and the crypto market, however. US stocks also suffered the same fate, as the Dow Jones Industrial Average futures displayed a loss of over 1% or around 610 points heading into the Monday market.

The US, being the location of the largest capital markets in the world, exerts the greatest influence on the market. Thus, the effects of the Labor Department’s latest report on the 4.3% US unemployment rate extended throughout the other key markets of the world, including those for Bitcoin and cryptocurrency.

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