Bitcoin [BTC] sank below $60,000, extending a string of losses in what has been one of the worst months for the cryptocurrency market.
sank below $60,000 during U.S. trading hours Tuesday, extending a string of losses in what has been one of the worst months for the cryptocurrency market in recent memory.As of this writing, it was hovering over $58,000, down 16% from its all-time high recorded in March.More than $36o million worth of positions were liquidated in the last 24 hours, with longs accounting for 85% of the total, AMBCrypto noted using Coinglass’ data.
“Bitcoin was retesting the crucial support zone of $58,000-$60,000. This zone holds significant importance for the short-term prospects of altcoins. If it is lost, altcoins could potentially suffer further downsides.”Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance.
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