Cryptocurrencies fell Tuesday evening as Asia futures pointed lower, triggering a wave of liquidations on the Bybit exchange.
The price of bitcoin was last lower by 6.2% at $59,504.68, according to Coin Metrics. Ether tumbled more than 8% to $2,457.61.
“Crypto markets moved down sharply, triggering a leverage driven liquidation,” said Steven Lubka, head of private clients and family offices at Swan Bitcoin. “The move appears to have been kicked off by a material drop by Ethereum, which has been struggling all year versus bitcoin.”
Bitcoin falls under $60,000
According to CoinGlass, the futures market has seen $93.52 million in long ether liquidations, which forces traders to sell their assets at market price to settle their debts, across centralized exchanges. Some $85.93 million in bitcoin liquidations have occurred.
“Leverage-driven flushes typically are great buying opportunities,” Lubka added. “And…
