Bitcoin, the largest cryptocurrency by market capitalization, experienced a significant decline of 4% over the past 24 hours amid a wave of liquidations totaling $155.25 million across the crypto market.
On August 11, Bitcoin, which had maintained a value above $60,000 for four consecutive days, fell below this level and dropped further to under $59,000. The cryptocurrency reached an intraday low of $58,269, following a peak of $61,562 earlier in the day.
According to data from CoinGecko, the broader cryptocurrency market also saw a decrease of 4.32% in the past 24 hours, with its total value now standing at $2.05 trillion. Despite a 52% surge in global trading volume compared to the previous day, activity remains subdued compared to the past week, with Bitcoin’s weekly loss against the U.S. dollar now at 9.7%.
Ethereum (ETH) followed suit with a decline, falling to $2,527 after an earlier peak of $2,711. As of the latest update, ETH was trading at $2,553.
Among the top ten cryptocurrencies by market capitalization, Toncoin experienced the most substantial drop, falling 8.43%. Solana followed with an 8.12% decrease, while Dogecoin saw a decline of approximately 6.75%. Market prices remained volatile with increased selling pressure as the evening progressed.
The crypto derivatives market faced challenges today as a significant number of long positions were liquidated. Data from Coinglass shows that total liquidations in the crypto market reached $155.25 million over the last 24 hours, with approximately 80% of these liquidations, or $124 million, involving long positions from traders who had anticipated price increases.
Over 61,637 traders were liquidated during this period, with the largest single liquidation occurring on the OKX exchange, totaling $2.17 million. Bitcoin led the liquidations with $41.31 million, followed closely by Ethereum at $39.53 million.
Binance reported the highest liquidation amount, totaling $7.04 million—$2.42 million from long positions and $4.62 million from short positions. OKX followed with $3.48 million in liquidations—$1.30 million from longs and $2.18 million from shorts.
As a result, total crypto open interest has decreased by 3.12%, now approximately $27.5 billion, according to Coinglass.
Despite these recent fluctuations, Grayscale Research analysts remain optimistic, predicting potential price increases in the coming months. They believe that if the U.S. economy can achieve a “soft landing” and avoid a recession, Bitcoin might approach its all-time high later this year.
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