Crypto Bulls Lose Nearly $200M Amid Market Sell-Off as Bitcoin Drops Below $60K
Release: 2024/08/06 17:34 Reading: 364
Crypto Market Suffers Losses Amidst Sell-Off
Crypto bulls have incurred substantial losses, exceeding $200 million, in the past 24 hours as the ongoing market sell-off intensified over the weekend.
On Sunday, Bitcoin plummeted below $60,000 during early U.S. trading hours, extending a four-day market downturn. Bullish futures bets have lost nearly $200 million in the last day. Ether (ETH) also experienced a decline, dropping under $2,900 and erasing its July gains when spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S.
Data from CoinGecko reveals that Bitcoin's price has fallen by 4% in the last 24 hours, reaching a three-week low of $59,400. Other major cryptocurrencies have also faced losses, with Solana's SOL and Dogecoin (DOGE) both dropping by over 9%, while BNB, XRP, and Cardano's ADA each declined by at least 6%. Toncoin (TON), however, exhibited resilience, losing only 1.8%.
Ether's drop to under $2,900 represents a significant retracement from its July high of $3,400. Despite the launch of spot ETH ETFs in the U.S., these have witnessed net outflows on six out of nine trading days, totaling $510 million, according to data from SoSoValue.
CoinGlass data indicates that bullish futures bets have incurred close to $200 million in losses, with over 97,000 traders liquidated in the past 24 hours due to . ETH long positions accounted for the largest losses at $55 million, followed by Bitcoin longs with $43 million.
Some traders had previously expressed concerns about a potential Bitcoin decline to the $55,000 level amid geopolitical tensions in the Middle East and a general decline in sentiment towards risk assets, including technology stocks.
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