Crypto Bulls Lose $300M as Dogecoin and Solana Tokens Drop By Over 15%
Release: 2024/08/05 02:57 Reading: 866
Cryptocurrency Market Faces $300 Million Loss
In the last 24 hours, crypto bulls have lost approximately $300 million amid a market downturn. Bitcoin plunged below $60,000, hitting a three-week low of $57,500.
Other major cryptocurrencies experienced losses as well, including Solana's SOL, Dogecoin (DOGE), BNB Chain's BNB, XRP (XRP), Cardano's ADA, and Toncoin (TON). Ethereum (ETH) dropped below $2,900, erasing gains from its recent surge to $3,400 in July.
The liquid index tracking the largest tokens, excluding stablecoins, has shown a decline. Bullish futures bets lost nearly $300 million, and over 97,000 traders have faced complete liquidations due to rapid market fluctuations.
ETH long positions witnessed significant losses of $55 million, while Bitcoin long positions lost $43 million. Some traders speculate that geopolitical tensions in the Middle East could further drive Bitcoin down to $55,000, deterring investors from acquiring riskier assets such as technology stocks.
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