Cryptocurrencies tumble amid a wave of long liquidations, bitcoin falls under $60,000

Cryptocurrencies fell Tuesday evening as Asia futures pointed lower, triggering a wave of liquidations on the Bybit exchange.

The price of bitcoin was last lower by 6.2% at $59,504.68, according to Coin Metrics. Ether tumbled more than 8% to $2,457.61.

“Crypto markets moved down sharply, triggering a leverage driven liquidation,” said Steven Lubka, head of private clients and family offices at Swan Bitcoin. “The move appears to have been kicked…