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The flagship cryptocurrency Bitcoin has dropped below $58,000 after an underwhelming weekend in the crypto markets.
Bitcoin, Ethereum, and other altcoins experienced significant price declines, with crypto exchanges reporting large volumes of liquidations.
Bitcoin is currently trading at $57,500, a 1.5% drop in the last 24 hours and a nearly 10% drop in the past week. Bitcoin remains the largest cryptocurrency with a market cap of $1.1 trillion and a 54% market dominance.
Ethereum, the biggest altcoin and the second-largest crypto asset, also dropped significantly, currently exchanging hands for $2,440. Solana is currently exchanging hands for $129.63, dropping by 1.7% in the last 24 hours and 18.8% in the last 7 days.
The broader cryptocurrency market witnessed over $162 million in liquidations, with about $135 million stemming from long positions. The slump in Bitcoin's price followed a week of net outflows from the 12 spot Bitcoin ETFs.
