Coin market experiences significant volatility.
In the past 24 hours, the cryptocurrency market has undergone substantial fluctuations. According to data from Investing.com, Bitcoin dropped from over $60,000, falling below the $57,000 mark to a low of $56,750. Other cryptocurrencies followed similar patterns.
Data from CoinGlass indicates that in the last 24 hours, nearly 150,000 individuals have been liquidated, with a total liquidation amount of around $411 million.
Market analysts suggest that factors such as increased cryptocurrency supply and recent actions by Binance have had an impact on the current cryptocurrency market trends.
Cryptocurrency Market Volatility: Nearly 150,000 Liquidated
Market data reveals that in the past 24 hours, significant fluctuations have occurred in the cryptocurrency market.
Bitcoin dropped from over $60,000, briefly dipping below $57,000 to a low of $56,750, then gradually rising again to a high of $58,800. Currently, the price of Bitcoin has once again fallen below the $58,000 mark.
Other cryptocurrencies have also seen similar trends, with Ethereum briefly dropping to nearly $3,000, experiencing a slight rebound before rapidly declining again.
Litecoin has continued its descent, with a drop of over 8%.
Ethereum Classic has fallen by over 7%.
CoinGlass data shows that in the recent 24-hour period, nearly 150,000 individuals in the cryptocurrency market have been liquidated, totaling approximately $411 million. The largest single liquidation occurred in Ethereum.
Multiple Bearish Factors
On the news front, the latest minutes from the Federal Reserve’s monetary policy meeting indicate that most Fed officials still believe more data on declining inflation is needed before considering a rate cut.
Furthermore, analysts suggest that recent actions by Binance, the world’s largest cryptocurrency exchange, may also influence market sentiments. Binance will cease trading services for six currency pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, LQTY/FDUSD, with the delisting effective from July 5th. The company did not disclose specific reasons for the delistings but noted it will periodically review all listed spot trading pairs and remove some under circumstances of poor liquidity or other factors.
Meanwhile, Binance has recently added new trading pairs on its platform. WIF/BRL, ZK/USDC, and ZRO/USDC have been included on Binance Spot. It is important to note that this service is not available to all customers. Currently, users residing in the following countries or regions will be unable to trade the aforementioned spot trading pairs: Canada, Cuba, the Crimean region, Iran, the Netherlands, North Korea, Syria, the United States and its territories (American Samoa, Guam, Puerto Rico, Northern Mariana Islands, US Virgin Islands), as well as any non-government-controlled areas in Ukraine.
Since the beginning of this year, the exchange has implemented several similar changes. Last month, it halted trading services for the following currency pairs: ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC, and XAI/BNB. A few months ago, Binance terminated all operations involving Monero (XMR), leading to a significant price drop for the popular privacy coin.
Supply of cryptocurrencies in the market has also seen a substantial increase lately. Public data indicates that in July, five new cryptocurrencies will be available for trading: 5thScape (5SCAPE), DarkLume (DLUME), Smog (SMOG), PlayDoge, and PEPE.
At the same time, mining companies have been selling large amounts of Bitcoin recently. According to IntoTheBlock data, the amount of Bitcoin held by miners has dropped to the lowest level in 14 years. Miners sold over $2 billion worth of Bitcoin in June, marking the highest amount in over a year.
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Translated by ChatGPT | Original Source: 证券时报 (Securities Times)
