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Bitcoin Price Crashes Below $60,000
The cryptocurrency market capitalisation has fallen to a two-year low. Crypto traders lost hundreds of millions of dollars amid price volatility.
On 5 June, the price of Bitcoin ($BTC) fell below $60,000 per coin, losing more than 6% in one day and almost 20% since the beginning of the month. At the same time, the price of Ethereum ($ETH) dropped below $1,600, losing more than 10% in one day and more than 20% of its value since 1 June.
Both coins reached the lowest price levels seen since the end of 2024, before the November 2024 US presidential election of Donald Trump, whose administration is focused on the development of cryptocurrencies.
Before this, the yearly low stood at $60,000, according to Binance exchange data, and was reached in early February amid an escalation of the conflict in the Middle East.
The total capitalisation of the crypto market fell to the same low levels observed at the end of 2024 — around $2.1 trillion. Almost all major altcoins also lost value, with declines reaching as much as 50%.
Over the past 24 hours, crypto exchanges liquidated the positions of 264,000 traders for a total of $1.3 billion, according to Coinglass. Of this amount, more than $1 billion came from long positions opened by those betting on price growth. More than $700 million in losses came from the Bitcoin and Ethereum markets.
The liquidation figures for trading positions mirror the losses suffered by crypto traders on 2 and 3 June, when total losses amounted to $1.85 billion and more than $1.6 billion, respectively.
See also: "Activity on the Bitcoin Network Falls to a Seven-Year Low"
