Bitcoin Plummets to $57K, Solana Nosedives 8% Daily (Market Watch)

Cryptocurrency markets have seen massive losses over the past 24 hours, with total market cap falling below $2.5 trillion, down 5% on the day.

This comes on the back of notable declines across the board from Bitcoin, Ethereum, BNB, Solana and almost the entire market.

Bitcoin drops to $57K

At the time of writing, Bitcoin is trading at around $57,700, down more than 5% in the past 24 hours and roughly the same price over the week.

As shown in the chart, Bitcoin price has been gradually declining since Monday (July 1), when it peaked above $63,500. Bulls were unable to sustain the buying pressure, allowing sellers to step in and push the price to current levels.

It is worth noting that the latest move resulted in the liquidation of positions worth more than $300 million, the vast majority of which were long-term.

But Bitcoin is not the only one facing tough times.

Altcoins Collapse, Solana Loses Over 8% Daily

The cryptocurrency heat map is completely red with no exceptions at all over the past 24 hours.

Among the worst performing stocks is Solana, which lost about 8% of its price. Other stocks in this category include LINK (-8.5%), SHIB (-8.6%), PEPE (-11%), etc.

You will notice that meme coins are doing worse compared to other cryptocurrencies, and this applies to the entire sector as major memes are recording double-digit declines.

Overall, the crypto market is still in a tailspin as of this writing, and it will be interesting to see how far the bears can push the price. All eyes currently seem to be on the critical support level at $56,000 for Bitcoin, so let’s see if that level holds.