Bitcoin Plunges Below $60K as Crypto Markets Suffer Another Bloodbath

Cryptocurrency markets have taken another hit as Bitcoin and other major assets decline in value. On Wednesday, Bitcoin fell below $60,000 for the first time since October 24, and is now down over 51% from its record highs.

Ethereum, XRP, Solana, and Dogecoin also traded in the red, with Ethereum falling to an intraday low of $1,550. The global cryptocurrency market capitalization declined by 2.74% over the last 24 hours, reaching $2.09 trillion.

An increase in open interest alongside a drop in spot price typically signals that new short sellers are entering the market, hoping for the decline to continue. According to Coinglass data, nearly $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with $800 million in bullish long positions wiped out.