Bitcoin Plummets Below $59K Amid Market Sell-Off; Ether Drops Nearly 10%

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Cryptocurrencies took a sharp hit late Tuesday, with Bitcoin (BTC) falling below $59,000 and Ethereum's Ether (ETH) slumping nearly 10%. Bitcoin, which had peaked at $62,700 earlier in the day, dropped 6.5% within 24 hours, reaching a low of $58,240, the lowest level since August 19. Ether, which traded as high as $2,700 on Wednesday, plunged below $2,500.

The reason behind the sudden sell-off remains unclear. However, the downturn led to $313 million in liquidations of leveraged crypto derivatives positions, marking the largest washout since the August 5 crash, according to CoinGlass. Ether traders suffered over $100 million in liquidations, while Bitcoin traders faced $95 million in losses.

Other major cryptocurrencies also experienced declines. Binance Coin (BNB) dropped nearly 4% to $528, Solana (SOL) fell 7% to $146, and XRP slid 4% to $0.56. Dogecoin (DOGE) and Tron (TRX) were down 6.5% and 2.25%, trading at $0.098 and $0.158, respectively. In contrast, the Telegram-associated TON token rose nearly 5% after an earlier drop linked to the arrest of Telegram founder Pavel Durov in France.