(Monday, 05 Aug 2024, 03:41 AM GMT):
Today, the cryptocurrency market is awash in red, with major cryptocurrencies experiencing significant drops. The total cryptocurrency market cap has dropped by 12.3% to $1.8 trillion in the past 24 hours. Bitcoin (BTC) has led this downward trend, plummeting from $60,721 to the current price of $54,313.
Ethereum (ETH) has taken a heavy hit in the last 24 hours, plummeting by a massive 19.91% from $2,911 to the current price of $2,337.
The main factor that contributing to this sharp decline is global market downfall and the fear of recession.
$823 Million Wiped Out:
In the last 24 hours, the market saw a total liquidation amount of $381 million, affecting 212,188 traders as per coinglass. The largest liquidation occurred in Ethereum order worth $304 million. Bitcoin alone accounted for $248 million of these liquidations, with $717 million coming from long positions.
As of now, investors should focus on the Bitcoin (BTC) chart; if it falls under $53K, we will see another huge dump.
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