Bitcoin Price Plummets Toward $113K as Total Liquidations Approach $1 Billion
Main Idea
Cryptocurrency markets are experiencing significant declines, with Bitcoin and altcoins dropping sharply, leading to substantial liquidations and impacting long traders the most.
Key Points
1. Bitcoin's price dropped to slightly above $113,000, shedding over $5,000 since July 31st.
2. Total liquidations in the past 24 hours surpassed $900 million, a 300% increase from the previous day.
3. Long traders accounted for approximately $800 million of the total liquidations.
4. Ethereum (ETH) led in liquidations with around $300 million at the time of writing.
5. The downturn coincides with broader market declines, including the S&P 500 (-1.5%), NASDAQ Composite (-2.16%), and Dow Jones Industrial Average.
Description
The cryptocurrency markets continue bleeding out today. Bitcoin’s price dropped to a low of slightly above $113,000 while the majority of altcoins are having it much worse, as it’s almost always the case. As seen in the chart below, the price has been in a freefall since wicking to $118,000 on July 31st and has shed more than $5,000 since. Source: TradingView Data from Coinglass shows that the total liquidations for the past 24 hours have surpassed $900 million, up more than 300% since yesterday...
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