Bitcoin Implodes To $59,000, Takes Down Ethereum, XRP, Dogecoin In $1 Billion Liquidation Wipeout

Bitcoin has fallen below $60,000, triggering a wave of liquidations that exceeded $1 billion across the crypto market.

Notable Statistics:

• Coinglass data shows 148,895 traders were liquidated in the past 24 hours for $1.08 billion.       
• SoSoValue data shows net outflows of $469.08 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $30.2 million.
• In the past 24 hours, top losers include MemeCore, Mantle and Pump.fun.

Notable Developments:

• Crypto May Get Direct Access To The Fed’s Payment System—But That’s Not Necessarily Bullish
• Bitcoin May Be Undervalued, But AI Remains The Biggest Opportunity, Grayscale Exec Says
• Michael Saylor’s MSTR Plunges 20% Since Monday Open: What Is Going On?
• Bitcoin Loses $60,000: Where Is The Bottom For BTC?
• Bitcoin Recovers To $61,000, But Here’s Why Friday’s Options Expiry Looms Large
• Ripple Launches RLUSD In Japan, But XRP Still Plummets Below $1.10: What Is Going On?

Trader Notes:

Trader Jelle warned that Bitcoin is approaching a key technical level, saying, "Bears are knocking on a door bulls would rather not see opened," suggesting that a break below current support could trigger further downside pressure for BTC.

Luke Martin noted that Bitcoin has historically turned the previous cycle’s peak into support during the following bull market, a pattern seen since the 2013 top around $150–$200, which became the 2015 bear-market floor.

He said the current retest feels different because of concerns surrounding Michael Saylor and Strategy, leaving the market at a critical “sink or swim” moment.

Byzantine General said Bitcoin’s drop to $58,000 swept liquidity and triggered a wave of long liquidations while attracting fresh short positions. He added that a daily close above $60,000 would likely confirm that BTC established a local bottom.

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