In the past 24 hours, the cryptocurrency market has experienced significant fluctuations. Market data shows that Bitcoin has been declining continuously from over 600,000 USD and has fallen below the 57,000 USD mark, hitting a low of 56,750 USD. Other virtual currencies have experienced similar trends.

According to CoinGlass data, in the last 24 hours, nearly 150,000 people have been liquidated in the cryptocurrency market, with a total liquidation amount of approximately 411 million USD.

Market analysis believes that the increase in cryptocurrency supply and the latest actions of Binance have had an impact on the current cryptocurrency market trend.

Cryptocurrency market fluctuations resulted in nearly 150,000 people being liquidated.

Market data shows that the cryptocurrency market has experienced significant fluctuations in the past 24 hours.

Bitcoin has been declining continuously from over 600,000 USD and has fallen below the 57,000 USD mark, hitting a low of 56,750 USD, and then gradually rebounded to a high of 58,800 USD. Currently, the Bitcoin price has once again fallen below the 58,000 USD mark.

Other cryptocurrencies have also followed a similar trend. Ethereum once fell to nearly 3,000 USD, rebounded slightly, and then quickly fell again; Litecoin has continued to decline, with a drop of more than 8%; Ethereum Classic has fallen more than 7%.

According to CoinGlass data, in the last 24 hours, nearly 150,000 people have been liquidated in the cryptocurrency market, with a total liquidation amount of approximately 411 million USD. The largest single liquidation occurred in Ethereum.

Multiple bearish factors are affecting the market.

On the news side, the latest monetary policy meeting minutes from the Federal Reserve showed that most officials still believe that more data on inflation declines is needed to cut interest rates.

In addition, analysts believe that the latest moves of Binance, the world's largest cryptocurrency exchange, may also have an impact on cryptocurrency market sentiment. Binance will stop trading services for six currency pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, and LQTY/FDUSD, and revisions will take effect on July 5. The company did not disclose the specific reasons for the delisting, but reminded that it will review all listed spot trading pairs regularly and delete some trading pairs in the event of poor liquidity or other factors.

At the same time, Binance has recently added some new trading pairs to its platform. WIF/BRL, ZK/USDC, and ZRO/USDC have been added to Binance Spot, but this service is not available to all customers. Since the beginning of this year, the exchange has implemented similar changes several times. Last month, it stopped trading services for the following currency pairs: ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC, and XAI/BNB. A few months ago, Binance terminated all business related to Monero (XMR), causing a sharp drop in the price of this popular privacy coin.

Recently, the supply of the cryptocurrency market has also increased significantly. Public data shows that in July, 5 new cryptocurrencies will be available for investment, namely, 5thScape (5SCAPE), DarkLume (DLUME), Smoke (SMOG), PlayDoge, and Pepe (PEPE).

In addition, 'mining' companies have been selling Bitcoin on a large scale recently. According to IntoTheBlock data, the quantity of Bitcoin held by 'miners' has dropped to the lowest level in 14 years. In June, 'miners' sold more than 2 billion USD worth of Bitcoin, the highest in more than a year.

Edited by Jeffrey