Massive liquidations rock Bitcoin and Ethereum — what’s next?
The post Massive liquidations rock Bitcoin and Ethereum — what’s next? appeared on BitcoinEthereumNews.com.
What caused Bitcoin and Ethereum to plunge into a liquidation spiral? With traders losing millions, how did market conditions shift so quickly, and what’s next? The crypto market is playing a game of hide and seek, with Bitcoin (BTC) and Ethereum (ETH) leading the charge as they hover around key price levels. The entire crypto market has been in a state of distress, losing approximately 15% of its value between Jul. 29 and Aug. 28. The market cap has declined from $2.48 trillion to $2.11 trillion, reflecting the widespread bearish sentiment. As of Aug. 28, Bitcoin has taken a fresh tumble, dropping over 4% in the last 24 hours to trade at $60,000 levels. This decline followed a near dip to $58,000 before a slight recovery. Just a month ago, on Jul. 27, BTC was comfortably sitting at $69,400, marking a sharp decline of about 14%. BTC 6-month price chart | Source: TradingView On Aug. 27, spot BTC ETFs experienced heavy outflows, with around $127 million pulled out, marking the first day of outflows after eight consecutive days of inflows. This shift could be a key factor behind the sharp correction we’re witnessing. Meanwhile, ETH has mirrored BTC’ moves, with its price dipping nearly 4% to its current level of $2,500. However, ETH’ journey over the past month has been even rockier, experiencing a 22% drop in just 30 days. ETH 6-month price chart | Source: TradingView The challenges for ETH have been intensified by spot ETH ETFs, which saw cumulative outflows of over $115 million between Aug. 15 and Aug. 27, with no signs of positive inflows. Massive liquidations rock the crypto market The recent sharp downturn in the crypto market can be traced to several interconnected events, creating a perfect storm for the sell-off we’re witnessing. In the…
Filed under: News - @ August 28, 2024 2:22 pm