HomeEthereumEthereum and Bitcoin Declines Lead to Over $200 Million in Crypto Liquidations

Ethereum and Bitcoin Declines Lead to Over $200 Million in Crypto Liquidations

-


Crypto Market Liquidations Spike as Bitcoin Price Falls Below $60,000

Crypto market liquidations surged to their highest level in a week on Wednesday as Bitcoin’s price dipped below $60,000, causing more than 74,000 traders to be liquidated to the tune of $208 million, according to CoinGlass data.

The majority of these liquidations, totaling $184 million, affected investors who had taken long positions betting on price increases. Ethereum investors were hit the hardest, with $55.5 million in liquidations, mostly in long positions.

The drop in prices was attributed to ongoing concerns about U.S. monetary policy, geopolitical tensions, and the upcoming U.S. presidential election in November, which are expected to continue impacting the cryptocurrency market throughout 2024.

Bitcoin fell from around $62,200 to as low as $59,425 in intraday trading, before rebounding to above $60,200, still down 3% over the past 24 hours. Ethereum also saw a 3% decline, dropping from a high of $3,425 to $3,254, and is currently trading at $3,300.

Solana, the fifth-largest cryptocurrency by market cap, experienced the biggest drop among the top 10 coins, falling approximately 8% to $140. This decline came after the excitement surrounding the filing of a “Solana Trust” exchange-traded fund by VanEck last month.

Despite the recent market downturn, analysts remain optimistic about the future of cryptocurrencies, with some predicting a major price surge in the coming months. Analysts at CryptoQuant even suggested that current mining metrics indicate a potential bottoming of prices at current levels.

While cryptocurrencies have seen a decline over the past month, there is still anticipation for the debut of Ethereum spot ETFs, which could potentially boost prices. Overall, the market remains volatile but analysts are hopeful for further price gains in the near future.

LATEST POSTS

Ghana Implements Blockchain Technology to Combat Fraud

Ghana to Lead African Countries in Fighting Corruption with Blockchain Technology Ghana Makes History as First African Country to Combat Public Corruption with Blockchain Technology In...

Binance resumes Mastercard purchases for cryptocurrencies

Binance Resumes Mastercard Cryptocurrency Purchases After Regulatory Setbacks Binance Resumes Mastercard Crypto Purchases After Regulatory Hurdles Binance, the world's largest cryptocurrency exchange, has once again opened...

ETH has increased by 59.37% since the beginning of the year

Frequently asked questions (FAQs) The price of ethereum, one of the most popular cryptocurrencies, is currently trading at $3,803.73 as of 8 a.m. ET. This...

Bain Capital Crypto secures $35 million Series A funding for M^0, a platform for creating digital currency

M^0 Raises $35 Million in Series A Funding for Decentralized Stablecoin Protocol M^0, a cryptocurrency protocol, is making waves in the decentralized finance world with...

Most Popular