Bitcoin and Ethereum Plunge at the Start of August
Bitcoin and Ethereum faced a sudden decline at the beginning of August, with Bitcoin briefly falling below $113,000 this morning, and Ethereum dropping to a low of $3,430, resulting in a total liquidation of $1 billion across the network.
(Background: Powell insists on no interest rate cuts! However, there are decision-making divergences within the Federal Reserve. Bitcoin rebounded after dropping below $116,000, and Ethereum returned above $3,800.)
(Context: After Wall Street polluted Bitcoin, “1BTC ≠ 1btc”, why are native Bitcoins the next holy grail?)
Severe Impact on Cryptocurrency Market
The cryptocurrency market faced severe impacts as it entered August, experiencing a fierce sell-off! Bitcoin (BTC) fell below $113,000 early this morning (2nd), reaching a low of $112,724 around 6:50 AM. At the time of writing, it had temporarily rebounded to $113,460, with a nearly 24-hour drop of 2.1%.
As the second-largest cryptocurrency, Ethereum saw an even more drastic decline. Similarly, at around 6:40 AM this morning, Ethereum dropped to a low of $3,430, and at the time of writing, it was reported at $3,485, with a staggering 24-hour drop of 5.6%.
With Bitcoin and Ethereum leading the decline, the overall cryptocurrency market also saw a downward trend. According to CoinGecko data, the total market capitalization of the cryptocurrency market decreased by 6.9% in the last 24 hours, bringing the total market value to $3.7 trillion.
Network Liquidations Reach $1 Billion
According to Coinglass data, in the past 24 hours, due to the impact of market declines, a total of 217,000 people were liquidated across the network, with the total amount of liquidations reaching $1 billion.
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