Ethereum is also facing major selling pressure. The cryptocurrency is trading around $2,830 zone.
Bitcoin is currently going through its biggest weekly fall in recent memory.
Bitcoin unsurprisingly led the liquidation pack, with over $230.39 million liquidated.
Bitcoin has dropped below the 200-day Simple Moving Average (SMA). Usually, when the market trades below the 200-day SMA constantly, it is assumed to be following a downtrend pattern.
The prospect of a large-scale selloff from Mt. Gox wallets has raised concerns within the crypto community.
Joana Cotar voiced her concerns adding that the recent Bitcoin sales by the German government are in contrast to the ongoing discussion in the US, to holding Bitcoin as a strategic reserve asset.
The recent Bitcoin price dip led to forced cryptocurrency liquidations of nearly $700 million, similar to the FTX levels.
Bitcoin price crumbled overnight as it fell below the $58,000 range, the first of its kind since early May amid extended bearish sentiment.
In May alone, two separate dormant addresses, both inactive for over a decade, sent over $100 million worth of BTC in combined transactions.
For gamers, the inclusion of crypto could offer a fresh and engaging experience. It could also introduce new gameplay mechanics and economic strategies, providing players with more freedom and creativity in how they interact with the game’s world.
What separates Bitcoin from traditional hedges like gold is its technological underpinning of a well-established blockchain and its function as decentralized digital money.
El Salvador’s continued love affair with Bitcoin, even in dire economic situations such as now, positions the country as an arguable champion of crypto adoption.
Kiyosaki predicted that this crash would set the stage for a major long-term bull market cycle, which he believes will start in late 2025 and continue to raise prices for years.
The recent Bitcoin price drop below $59K has increased overall fear of further crypto capitulation despite heightened calls for buy-the-dip.
Bitcoin price slip comes as spot Bitcoin ETFs recorded another major net outflow.