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<p><strong>Key points:</strong></p>   
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 <li><em>Bitcoin’s price dropped to $57,600, a 1.4% decrease over the past day and nearly 10% over the past week.</em></li>   
 <li><em>Ether is trading at $2,447, down 1.7% in the last day and 11% over the past week.</em></li> 
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<h5 class="wp-block-heading"><strong>Bitcoin price drops to $57,600, down 1.5% daily and 10% weekly. $162M in crypto liquidations, bearish futures outlook, and miner revenue hit yearly low.</strong></h5>   
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<h2 class="wp-block-heading" id="bitcoin-price-drops-lead-to-market-downturn">Bitcoin Price Drops Lead to Market Downturn</h2>   
<p>The cryptocurrency market has seen a mild downturn over the weekend, with Bitcoin falling to $57,600 as of press time. This marks a 1.5% decline over the past day and a nearly 10% decline over the past week. Bitcoin maintains a market capitalization of $1.1 trillion and a 54% market share.</p>   
<p>Meanwhile, ETH, the second-largest cryptocurrency, saw its price drop to $2,447, reflecting a 1.7% decline over the day and an 11% decline over the past week. Over the past 24 hours, the total value of <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener">Bitcoin longs liquidated on centralized exchanges</a> was over $41.5 million, contributing to a broader market liquidation of $162 million.</p>   
<p class="has-background" style="background-color:#222222"><strong>Read more:<a href="https://coincu.com/242737-revolut-paused-some-crypto-services-by-fca/" target="_blank" rel="noreferrer noopener"> </a><a href="https://coincu.com/279551-spot-bitcoin-etfs-gain-65m-in-net-inflows/" target="_blank" rel="noreferrer noopener">Bitcoin ETF Outflow Sees 9 Days of Market Negativity in August</a></strong></p>   
<h2 class="wp-block-heading" id="bearish-sentiment-amid-bitcoin-price-drops">Bearish Sentiment Amid Bitcoin Price Drops</h2>   
<p>The recent drop in Bitcoin prices comes after a week of net outflows from Bitcoin ETFs in the United States, totalling $276 million, according to data from <a href="https://sosovalue.xyz/assets/etf/us-btc-spot" target="_blank" rel="noreferrer noopener">Sosovalue</a>. According to Coinglass&nbsp;<a href="https://www.coinglass.com/FundingRate" target="_blank" data-type="link" data-id="https://www.coinglass.com/FundingRate" rel="noreferrer noopener">data</a>, the funding rate for Bitcoin futures on derivatives exchanges has turned negative, indicating a bearish outlook among traders.</p>   
<p>Additionally, Bitcoin miner revenue hit a new yearly low in August, with subsidies and fees generating $851 million, of which only $20 million came from on-chain fees, according to The Block's&nbsp;<a href="https://www.theblock.co/data/on-chain-metrics/bitcoin">data dashboard</a>. These factors suggest continued pressure on Bitcoin prices and the broader cryptocurrency market.</p>   
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    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
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Bitcoin Price Drops Below $58,000 As Crypto Market Slumps

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