Bitcoin dropped below $60,000 on Wednesday, extending a broad crypto selloff as pressure across technology stocks and other risk assets spilled into digital markets.
The largest crypto asset by market value fell nearly 5% over the past 24 hours, reaching a low near $59,600. Bitcoin was trading around $59,800 at press time.
The selloff triggered more than $650 million in liquidations during the same period, according to CoinGlass data. Long positions accounted for roughly $580 million of the total, while short liquidations reached about $70 million.
The selloff spread across the wider crypto market. Ether fell below $1,600 and traded near $1,590, while Solana dropped below $67 and XRP traded around $1.05.
The total crypto market value fell to about $2.08 trillion, leaving the broader market down roughly 3% on the day.
