Bitcoin (BTC) Price Dumps to $57K, Altcoins Bleed Out Even Worse

The weekend crash continues with full force as bitcoin dumped to just over $57,000 minutes ago, while the altcoins bleed out even worse.

Bitcoin (BTC) and the altcoins continued their weekend sell-off on Sunday evening with another sharp price drop that saw BTC briefly slip below the crucial $57,000 support level.

The price of bitcoin has now fallen by around 20% from its recent all-time high of almost $73,000, which was hit on Monday of last week.

The downturn in the crypto markets began in earnest on Friday following the release of the latest US jobs figures, which showed unemployment remaining stubbornly high in the world’s largest economy.

The data prompted a sell-off on Wall Street and in the crypto markets, with BTC falling from around $66,000 to lows of $62,200.

The sell-off continued on Saturday with another large price drop that saw BTC briefly slip to lows of just under $60,000 for the first time in three weeks.

The downturn continued on Sunday, although BTC had recovered somewhat to trade at close to $62,000 by the afternoon.

However, the bears regained the upper hand in the past few hours, with another large price drop taking BTC to lows of $57,200 on Bitstamp – its lowest price in just over three weeks.

The downturn comes despite BTC rising to new all-time highs of almost $73,000 on Monday of last week following a strong rally that began with the launch of ProShares’ bitcoin futures exchange-traded fund (ETF) on the New York Stock Exchange.

The ETF has proven to be highly popular with investors, with around $1.2 billion in資金 flowing into the product in its first two days of trading.

However, the enthusiasm for the ETF has waned somewhat in recent days, with trading volumes and inflows slowing down significantly.

Some analysts have suggested that the downturn in the crypto markets may be linked to the slowing interest in the ProShares ETF, although others have pointed to a number of other possible factors, including the broader economic downturn and the upcoming holiday season.

The downturn in the crypto markets has been felt even more keenly by the altcoins, with ETH falling to lows of $2,700, BNB slipping below the $500 mark, and SOL dropping to lows of $135.

The total value of liquidated positions in the past 24 hours now stands at around $350 million, according to data from CoinGlass.

More than 112,000 traders were liquidated during this period, with the single largest liquidation, valued at an eye-watering $27 million, occurring on the Huobi exchange.

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