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cryptocurrency price today: cryptocurrency price today: Bitcoin, Etherium, Solana and others plunge up to 17% on liquidations
Bitcoin (BTC) prices witnessed a sharp fall of up to 8% and were trading at $54,129 on Friday around 12:30 PM. The fall has extended to 12% over the past seven days. The fall in BTC has also had a contagion effect on other cryptocurrencies, including Etherium (ETH), BNB, Solana, XRP, Toncoin, DogecoinCardano, Tron, Avalanche and Shiba Inu all fell as much as 17%. Bitcoin fell below the $55,000 level, hitting a two-month low amid uncertainty over the US presidential election and Mt Gox flows, Mudrex CEO Edul Patel said. The German government moving another $175 million into Bitcoin and the Federal Reserve signaling it is not ready to cut rates have also added pressure to the market, he added.
With 3 major oversupplies (Mt.Gox, US and German governments) currently dumping on BTC markets, the expected selling pressure has pushed the prices of the largest cryptocurrency back to six-month-old levels after breaking above the $55,000 mark today, CoinSwitch Markets Desk.
The cryptocurrency price decline over the past 24 hours could be attributed to significant liquidations. Broader markets followed suit with altcoin prices getting crushed and market-wide liquidations exceeding $300 million in the past 24 hours, CoinSwitch Markets Desk note said.
Source: CoinMarketCapSathvik Vishwanath, co-founder and CEO of Unocoin, said that Bitcoin has fallen below $60,000 and hit a low of $59,544 amid a stronger U.S. dollar and uncertainty over the Federal Reserve’s actions. “Positive U.S. labor market data, including a strong increase in job vacancies, suggests less chance of an imminent Fed rate cut, which will strengthen the dollar. This economic backdrop weighs on Bitcoin, with investors favoring traditional assets in the near term. Looking ahead, Bitcoin’s trajectory depends on the Fed’s decisions and economic indicators.” he said. “Any sign of economic weakness or changes in Fed policy could quickly change Bitcoin’s outlook. In addition, the upcoming Ethereum ETF launch on July 8 is expected to increase competition in the cryptocurrency market, which could negatively impact Bitcoin’s performance due to increased investor focus on Ethereum,” he added. BTC is still up 80% over the past year and bulls are active at lower levels, Patel said, as he expected them to push the price higher over the weekend. “The next support is at $54,900 and resistance at $56,700. Investors and traders should monitor the market closely,” Patel said.
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