The post Bitcoin, Ethereum Tank to Monthly Lows, Leaving $200 Million in Liquidations appeared on BitcoinEthereumNews.com.

Yesterday’s minor relief rally quickly came to a halt as the entire market turned red once again. Bitcoin and Ethereum both dumped to monthly lows before recovering slightly. This has caused roughly $200 million in liquidations for over-leveraged traders, with the largest single-wrecked position worth nearly $3 million. CryptoPotato reported yesterday the minor price gains charted from most assets, which included BTC nearing $60,000 for the first time in days. ETH was also a good performer, as it jumped to $2,550. However, the landscape has changed entirely today, perhaps driven by the fear in the US stock markets, as mentioned earlier. Bitcoin was rejected before even having the chance to tap $60,000, but it went even further south today, dropping to $55,600 (on Bitstamp). The last time the asset stood at such a low level was during the early August crash. Bitcoin/Price/Chart 04.09.2024. Source: TradingView Ethereum lost over $200 in a day, from nearly $2,550 to $2,300. Despite recovering some ground and now trading at $2,370, the second-largest crypto is still 5.5% down on the day. The situation with the altcoins is even more painful on some occasions. TON, for example, has shed 8% of value, NEAR is down by 7%, while ADA, SOL, and AVAX have slipped by 6%. As a result, over 73,000 over-leveraged traders have been wrecked in the past day, with the total value of liquidated positions standing close to $200 million, according to CoinGlass. The single-largest one took place on Binance and was worth almost $3 million. It involved the ETH-USDT trading pair. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register…

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Filed under: News - @ September 4, 2024 5:19 am