Bitcoin Plunges Under $60K; Crypto Bulls Lose $200M as Dogecoin, Solana Tokens Drop 10%

Bitcoin fell below $60,000 in early US hours on Sunday as the market sell-off entered a fourth day, with bullish futures bets losing nearly $200 million in the past 24 hours.

Ether (ETH) has dropped below $2,900, paring all gains since its surge to $3,400 in July, as spot ETH exchange-traded funds (ETFs) were approved for trading in the United States.

Bitcoin fell below $60,000 in early US hours on Sunday as the market sell-off entered a fourth day, with bullish futures bets losing nearly $200 million in the past 24 hours.

BTC is down 4% in the past 24 hours, hitting a three-week low of $59,400, according to CoinGecko data. Among the majors, Solana’s SOL and dogecoin (DOGE) are down more than 9%. BNB Chain’s BNB, xrp (XRP), and Cardano’s ADA are down at least 6%. Toncoin (TON) is comparatively outperforming with a loss of 1.8%.

Ether (ETH) has fallen below $2,900, paring all of its gains since reaching a high of $3,400 in July when spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S. The products saw net outflows on six days out of the nine-day trading period, totaling $510 million in net outflows since launch, according to SoSoValue data.

The broad-based CoinDesk 20 (CD20), a liquid index that tracks top coins (excluding stablecoins), fell 5.73%.

According to CoinGlass data, bullish futures bets lost nearly $200 million as more than 97,000 investors were liquidated in the past 24 hours due to sudden market movements. ETH long positions led the losses at $55 million, followed by bitcoin long positions at $43 million, the data showed.

As reported on Friday, some investors had warned that BTC could head towards the $55,000 level amid geopolitical tensions in the Middle East and declining confidence in risk assets like tech stocks.