Crypto market liquidations surged to their highest level in a week on Wednesday, triggered by Bitcoin's price drop below $60,000. Over 74,000 traders faced liquidations amounting to $208 million, according to CoinGlass data. A significant portion of these liquidations, approximately $184 million, affected investors holding long positions who had bet on rising prices. Ethereum investors were hit particularly hard, with $55.5 million in liquidations, predominantly from long positions.

The recent volatility in the crypto market is attributed to ongoing U.S. monetary policy issues, geopolitical tensions, and the upcoming U.S. presidential election in November. These factors are expected to influence Bitcoin's price throughout 2024. Bitcoin's price dropped from around $62,200 to an intraday low of $59,425 before recovering to just above $60,200. Bitcoin is currently trading at $58,487, marking a 4.7% decline over the past 24 hours.

Ethereum experienced a 5.5% drop, falling from $3,384 to a low of $3,198 currently. It is down 5% over the past week, reversing most of the move up in anticipation of the spot ETF launch. Solana saw the most significant decline among the top 10 coins, falling roughly 11% to $134. This drop follows a recent surge in interest due to New York-based investment management firm VanEck's filing for the first Solana spot ETF late last month.

Overall, top cryptocurrencies have experienced declines over the past month. Ethereum is down over 15% in the last 30 days, despite growing interest in the debut of Ethereum spot ETFs. Some analysts predict these new financial products could start trading by mid-July, potentially boosting ETH prices. Bitcoin has also fallen 14.8% during the same period.