07.06.2026 10:40
As selling pressure increased in cryptocurrency markets, Bitcoin fell below $60,000 for the first time in nearly two years, reaching $59,110. Bitcoin, which lost nearly 18% of its value in the past week, also dragged down altcoins. Ethereum, Solana, XRP, and Dogecoin suffered double-digit losses, while over $800 million in Bitcoin positions were liquidated in the last 24 hours.
One of the sharpest sell-off waves in recent times is occurring in cryptocurrency markets. The leading cryptocurrency, Bitcoin, has fallen below the critical $60,000 level to $59,110.
This level marks the lowest price for Bitcoin since October 2024. The sharp sell-offs in the market have reduced investor risk appetite, creating a sense of panic in crypto assets.
ALTCOINS SEE DOUBLE-DIGIT LOSSES
The decline in Bitcoin has also deeply impacted the altcoin market. Over the past week, Bitcoin has lost approximately 18%, while Ethereum has fallen by 21%.
During the same period, Solana dropped 21.5%, XRP 16.8%, Dogecoin 17.9%, BNB 10.5%, and Tron 6.5%. The total value of the cryptocurrency market has evaporated by billions of dollars.
$800 MILLION IN POSITIONS LIQUIDATED
The sharp sell-offs have also led to massive liquidations in futures markets. In the last 24 hours, over $800 million worth of positions have been liquidated in Bitcoin alone.
The majority of liquidated trades were long positions opened with expectations of a price rise. Due to the sudden price drop, many investors were forced to close their positions.
ETF OUTFLOWS ACCELERATE SELLING
Analysts point to heavy capital outflows from spot Bitcoin ETFs traded in the US as one of the main reasons for the decline.
As investors move away from risky assets, the amount of capital flowing out of funds is increasing, further strengthening the selling pressure on the market.
INSTITUTIONAL SELL SIGNALS CAUSE CONCERN
Another development amplifying the negative market sentiment was the announcement from a corporate entity holding large Bitcoin reserves regarding its sales plan.
These signals from institutional investors have led to increased sell-side trading among investors, raising market unease.
EYES ON NEW SUPPORT LEVELS
Experts emphasize that whether Bitcoin will remain below $60,000 is critical for the short-term outlook.
Analysts, noting that continued selling pressure could lead to testing lower support levels, highlight that investors are closely monitoring upcoming macroeconomic data and ETF movements in the coming days.