Bitcoin drops 4% as $156.4m in liquidations hits crypto market
Release: 2024/08/12 15:09 Reading: 945
Bitcoin Dips Below $60,000 Amid Crypto Liquidations
Bitcoin (BTC), the most valuable cryptocurrency, has experienced a 4% decline within the past 24 hours, accompanied by $155.25 million in liquidations throughout the crypto market.
After maintaining a level above $60,000 for four days, BTC dropped below this threshold on August 11, reaching a low of $58,269. Despite earlier reaching a high of $61,562, the cryptocurrency has since exhibited volatility.
The broader crypto market has declined by 4.32% over the past 24 hours, with its total value decreasing to $2.05 trillion. Though crypto trading volume has increased by 52% globally compared to the previous day, activity remains lower than the previous week. This recent dip decreases BTC's weekly loss against the U.S. dollar to 9.7%.
Ethereum (ETH) has also faced a decline, dropping to $2,527 after peaking at $2,711 earlier in the day. At the time of writing, ETH is trading at $2,553.
Among the top ten cryptocurrencies by market capitalization, Toncoin (TON) has incurred the most significant loss, falling 8.43%. Solana (SOL) follows with an 8.12% decrease, and Dogecoin (DOGE) has declined by 6.75%.
As the evening of August 11 progressed, market prices remained volatile under heightened selling pressure.
Crypto Liquidations Exceed $1 Billion
Traders in the crypto derivatives markets faced challenges today as a considerable number of long positions were liquidated. Coinglass data indicates that total crypto liquidations over the past 24 hours reached $155.25 million, with approximately $124 million involving long trading positions.
Over 61,637 traders were liquidated in the last 24 hours. The largest single liquidation occurred on the OKX exchange, amounting to $2.17 million.
Bitcoin accounted for the majority of the liquidations with $41.31 million, followed by Ethereum, which experienced $39.53 million in liquidations.
According to Coinglass, Binance incurred $7.04 million in liquidations, while OKX saw $3.48 million.
Grayscale Analysts Predict Price Increases
Despite the recent fluctuations in the cryptocurrency market, analysts from Grayscale Research anticipate potential price increases in the coming months. They believe that token valuations could improve if the U.S. economy achieves a "soft landing" and avoids a recession, with Bitcoin possibly approaching its all-time high later in the year.
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