Bitcoin Slips Below $58k as the Broader Market Underperforms Over the Weekend

TL;DR

• BTC slips below $58k, losing 1% over the weekend.

• Altcoins are also underperforming as the broader market sheds 1% of its value. 

BTC Trades Below $58k as Crypto Market Sees Weekend Slump

The cryptocurrency market underperformed over the weekend, with most coins and tokens currently in the red. Bitcoin, the leading cryptocurrency by market cap, lost 1% of its value over the weekend and now trades below $58k.

At press time, Bitcoin’s price is $57,695, but it could dip lower if the bears remain in control. Bitcoin’s poor performance can be attributed to the net outflows recorded by spot Bitcoin ETFs in the United States last week. Data from SoSoValue revealed that Spot Bitcoin ETFs lost $276 million last week. 

Meanwhile, ether, the second-largest cryptocurrency, is trading at $2,449, reflecting a 1.16% decrease over the past day and a 10% decline over the past week. 

The choppy price action resulted in massive liquidations for traders over the weekend. Coinglass's data showed that Bitcoin's long liquidations on centralized exchanges amounted to over $41.5 million in the last 24 hours. 

The broader crypto market recorded over $162 million in liquidations, with about $135 million stemming from long positions.

With these poor performances, the total cryptocurrency market cap shrank by 1% over the weekend and now stands at $2.02 trillion.