Bitcoin Drops Below $60K; Crypto Bulls Lose $200M as Dogecoin and Solana Tokens Decline by 10%
Release: 2024/08/05 03:49 Reading: 403
Crypto Market Suffers Losses, Erasing Billions in Futures Bets
Over the weekend, crypto investors faced heavy losses as the market sell-off continued for a fourth consecutive day, wiping out approximately $200 million in positive futures bets.
Bitcoin (BTC) fell below the $60,000 mark on Sunday, marking a three-week low of $59,400, as per CoinGecko data. This 4% decline contributed to a widespread market downturn, with major cryptocurrencies such as Solana (SOL) and Dogecoin (DOGE) dropping over 9%, while BNB Chain's BNB, XRP, and Cardano's ADA all lost at least 6%. Toncoin (TON) experienced a comparatively minor loss of 1.8%.
Ether (ETH) also fell below $2,900, relinquishing all gains made during its July rally to $3,400 following the approval of spot ETH exchange-traded funds (ETFs) for trading in the United States. According to SoSoValue data, these ETFs have witnessed net outflows on six out of nine trading days, totaling $510 million since their inception.
CoinGlass data indicates that bullish futures bets totaling close to $200 million were liquidated, affecting over 97,000 traders due to the market's unexpected volatility. Long positions in ETH accounted for the most significant portion of these losses, with $55 million liquidated, followed by Bitcoin longs at $43 million.
Traders had previously cautioned about a potential decline to the $55,000 level for Bitcoin, citing geopolitical tensions in the Middle East and a waning appetite for risk assets, including technology stocks.
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