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.


Rural Kentuckians continue to wait for noise relief as they look to Arkansas’ new crypto mining law – Kentucky Lantern

Noise Concerns and Regulation Challenges Surrounding Cryptocurrency Mining Operations in Rural Kentucky The quiet rural community of Wolfe County in Kentucky has been disrupted by...

Binance’s Key Move Puts AVAX and MATIC Under Pressure

Binance Delists AVAX and MATIC's TUSD Trading Pair: Price Pressure Expected Binance Delists AVAX and MATIC’s TUSD Trading Pair, Price Pressure Expected In a recent move...

Donald Trump scheduled to address Bitcoin conference

Trump to Speak at Bitcoin Conference in Nashville: Will Crypto Community Support Him in the Election? The upcoming Bitcoin Conference in Nashville, Tennessee is set...

Exploring the Impact of Blockchain Technology on Payment Gateways: The Hype Magazine Dives into Urban Culture with Stories from Hip Hop to Hollywood! Discover...

Blockchain Technology: Revolutionizing Payment Gateways in Biz/Tech/NFTs Blockchain Technology Revolutionizing Payment Gateways In a world where traditional payment systems are often slow, expensive, and limited in...

Most Popular