Bitcoin experienced a sharp decline over the weekend, dropping to its lowest level in three months. The largest cryptocurrency fell to just above $63,000, marking a 5.7% drop in the US on Saturday and a further 1.7% decrease in Asia on Sunday. This decline was driven by the liquidation of leveraged long positions, which exacerbated the downward pressure on the market.
Ether, the second-largest cryptocurrency, also saw significant losses. It slumped 8% during the US trading session on Saturday and fell to $1,731 on Sunday, its lowest point since July 9. The broader crypto market has been under pressure in recent weeks due to a combination of factors, including regulatory concerns and broader economic uncertainty.
The liquidations accelerated as Bitcoin's price tumbled, with many traders forced to sell their positions to cover losses. The market volatility has raised concerns about the stability of the crypto space, particularly for those holding leveraged positions.