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Bitcoin Price Falls Below $59K Amid Broad Market Rout; Ether Slumps Almost 10%

Aug 27, 2024

As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to weather the storms of the volatile cryptocurrency market. Today’s sell-off, with Bitcoin dipping below $60k and Ethereum shedding nearly 10%, is just another day in the life of a crypto investor. It’s like watching a rollercoaster ride, where the thrill comes from the ups and downs.

At the end of the U.S. trading day, cryptocurrencies experienced significant declines. Specifically, Bitcoin (BTC) dropped below $59,000, and Ethereum‘s ether (ETH) saw a nearly 10% decrease in value.

Initially today, Bitcoin reached a peak of $62,700, however, it has subsequently dropped by 6.5% compared to 24 hours ago, reaching a low of $58,240 – the lowest price since August 19th. During this downturn, Ether also experienced a drop and is currently trading below $2,500 after having reached $2,700 earlier on Wednesday.

Initially, it wasn’t evident what caused the rapid drop in prices (sell-off). This sudden decline led to the liquidation of leveraged crypto derivative positions worth approximately $313 million over the past 24 hours, which is the largest such event since the crash on August 5. According to CoinGlass data, ETH traders faced more than $100 million in such liquidations, while BTC traders experienced around $95 million.
The leading ten cryptocurrencies based on market cap have experienced comparable drops in value. Binance Coin (BNB) declined by almost 4%, dropping to approximately $528, while Solana (SOL) fell 7% to around $146. XRP followed suit, trading down 4% to about $0.56. Dogecoin (DOGE) and Tron (TRX) also experienced decreases, with DOGE falling 6.5% to trade at roughly $0.098, and TRX dipping 2.25% to $0.158.
Over the last 24 hours, the TON token experienced a rise of approximately 5%, reversing an earlier steep decline triggered by reports that its founder, Pavel Durov, was taken into custody in France due to multiple accusations against him.

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2024-08-28 02:24