The cryptocurrency market's rough week only got worse early Sunday, with the price of major assets like Bitcoin, Ethereum, and Solana plunging further, generating another heap of liquidations in the process.
Bitcoin has fallen nearly 6% over the last 24 hours, dipping below the $58,000 mark and pushing its seven-day drop to almost 16%. Sitting as high as nearly $70,000 one week ago, Bitcoin is currently priced at $57,388 per data from CoinGecko.
Other leading assets have followed suit. Ethereum is down 8% on the day to a current price of $2,666, with its weekly dip nearing 19%. Assets like Binance Coin (BNB) and XRP are similarly down about 7-8% on the day.
The biggest losers over the last week among the top 10 cryptocurrencies by market cap are Solana and Dogecoin, however. Recently riding high, Solana has now fallen nearly 28% over the past seven days at a current price of $133, while DOGE has fallen about 23% on the week to a current price of just under $0.10.
The crypto markets are broadly red across the board, and the latest wave of bloodshed has propelled yet another day of sizable liquidations. As of this writing, CoinGlass shows $353 million worth of long and short positions liquidated across the market over the past 24 hours, led by Bitcoin with $115 million in liquidations. Nearly 90% of the total liquidations are long positions.
Crypto prices fell steadily over the course of the last week, but the losses have accelerated since Friday's rough U.S. jobs report prompted renewed fears of a recession, impacting the stock market ahead of the weekend.
While some analysts believe that a recession could ultimately benefit Bitcoin and other crypto assets in the long term, 10x Research said Friday that U.S. economic turmoil could result in BTC dropping below the $50,000 mark.
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