Bitcoin price fell more than 5% to below $60,000 on Wednesda

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Bitcoin price fell more than 5% to below $60,000 on Wednesday as a result of a selloff that affected the overall crypto and stock markets. 📉 Bitcoin (BTC), which had a day high of around $63,700 each, began falling rapidly at 1:40 PM UTC and was down to $59,950 by 4:45 PM UTC. It is trading for $60,475 at press time. Meanwhile, Ethereum (ETH) price has fallen below $3,000, falling to just $2,950 at the time of writing. The S&P500 and Nasdaq 100 fell 0.68% and 1.27%, respectively. According to Coinglass, the selloff led to liquidations of $216 million in the crypto market in the last 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 sell-off was triggered by rising geopolitical tensions between Iran and Israel after Iran launched a drone and missile attack against Israel over the weekend. In a note on Monday, a CryptoQuant analyst predicted that Bitcoin could see further downward pressure given funding rates remaining high relative to historical averages. 📊 Bitcoin's fall below $60,000 caused liquidations of $215 million.

Bitcoin price fell more than 5% to below $60,000 on Wednesday as a result of a selloff that affected the overall crypto and stock markets. 📉
Bitcoin (BTC), which had a day high of around $63,700 each, began falling rapidly at 1:40 PM UTC and was down to $59,950 by 4:45 PM UTC. It is trading for $60,475 at press time.
Meanwhile, Ethereum (ETH) price has fallen below $3,000, falling to just $2,950 at the time of writing. The S&P500 and Nasdaq 100 fell 0.68% and 1.27%, respectively.
According to Coinglass, the selloff led to liquidations of $216 million in the crypto market in the last 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 sell-off was triggered by rising geopolitical tensions between Iran and Israel after Iran launched a drone and missile attack against Israel over the weekend.
In a note on Monday, a CryptoQuant analyst predicted that Bitcoin could see further downward pressure given funding rates remaining high relative to historical averages. 📊
Bitcoin's fall below $60,000 caused liquidations of $215 million.