Bitcoin falls below $60,000, first time since October 10, 2024

MOSCOW, June 5. /TASS/. Bitcoin fell below $60,000 during trading for the first time since October 10, 2024, according to data from Binance platform.

As of 7:11 p.m. Moscow time, bitcoin was down 6.1% at $59,889.

By 7:34 p.m. Moscow time, bitcoin stood at $60,752 (-4.38%). At the same time, Ethereum (ETH) was down 10.45% at $1,584.22.

Data from Coinglass show that global cryptocurrency exchanges liquidated positions of more than 307,000 traders over past 24 hours for a total amount exceeding $1.52 bln. Most liquidations involved bitcoin ($455.61 mln). Around $1.24 bln in liquidations came from long positions, while $273.5 mln came from short positions. Largest liquidation order over past 24 hours was placed on Binance crypto exchange in BTCUSDT pair and amounted to $13.31 mln.

Cryptocurrency liquidation is forced closure of a trading position by an exchange when leverage is used -- a mechanism allowing traders to manage positions using borrowed funds from exchange or broker -- due to insufficient funds to maintain the trade. It occurs when losses on an open position exceed size of initial trade in order to protect trader from debt and exchange from risks.