Bitcoin's price collapsed more than 5% below $60,000 on Wednesday, amid a market sell-off affecting the broader stock and crypto markets.
- Bitcoin (BTC) started the day trading at around $63,700 per coin. Its price started dropping significantly from 1:40 p.m. UTC and dropped to $59,950 at 4:45 p.m. UTC. It is trading at $60,475 at press time.
- Meanwhile, the price of Ethereum (ETH) has fallen below $3,000 to just $2,950 at the time of writing. The S&P500 and Nasdaq 100 fell 0.68% and 1.27%, respectively.
- According to Change machine, the selloff triggered $216 million in liquidations in the crypto market over the past 24 hours. This includes more than 67,000 affected traders, including one trader who lost $5.4 million on an ETH-USD swap.
- Many suspect the market sell-off was triggered by escalating geopolitical tensions between Iran and Israel after the former launched a barrage of drones and missiles against the latter over the weekend.
- In a note on Monday, a CryptoQuant analyst predicted that Bitcoin could face more downward pressure as funding rates remain elevated relative to historical averages.
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