Bitcoin (BTC) fell below a key support level as markets continued to fall over the weekend on concerns about an impending global recession and rising tensions in the Middle East.
The flagship cryptocurrency has fallen more than 8% since the start of the weekend to $57,040, its lowest price in nearly three weeks.
At press time, BTC was trading at $57,718, down more than 4% in the past 24 hours, according to data from CryptoSlate.
Altcoins are losing profits
Ethereum (ETH) fell to its lowest since April, dropping more than 6% in the past 24 hours to $2,613, before attempting to recover.
The second-largest cryptocurrency by market cap is trading at $2,745 at the time of writing, reversing all gains from its rally to $3,400 in July following the launch of the spot ETH exchange-traded fund.
Solana (SOL) saw the sharpest decline among the top 10 stocks, dropping more than 9% to a low of $131 on Aug. 4 before attempting to recover.
According to data from CryptoSlate, SOL is holding up as Bitcoin continues to fall, trading at $133.6, with BNB, Dogecoin (DOGE) and Avalanche (AVAX) also seeing declines of 6% to 7%, while Cardano (ADA) is down around 3%.
Meanwhile, Toncoin (TON) managed to avoid the market crash and is trading at $5.86 at press time, down just 0.03% in the past 24 hours. However, TON is down roughly 10% in the past week.
Despite attempts to recover from key support levels, bulls have so far been unable to stop the bleeding, with the market continuing to come under intense selling pressure due to macroeconomic and geopolitical concerns.
Long straight
The sharp drop in the cryptocurrency market led to a massive liquidation of long positions, with bullish futures trades facing heavy losses. According to the data, a total of $282.83 million was liquidated in the past 24 hours, affecting 104,193 traders.
Long positions accounted for $248.57 million of these liquidations, with Ethereum and Bitcoin long positions being the hardest hit at $89.77 million and $72.26 million, respectively. Solana's liquidation amounted to $17.52 million.
The hardest hit exchange was Binance, which recorded $84.42 million in total liquidations, mostly from long positions. The largest single liquidation order occurred on OKX, involving $8.81 million worth of BTC-USDT swaps.
At time of writing 6:47 PM, August 4, 2024 (UTC)Bitcoin ranks first by market capitalization, price is falling 5.2% As of the last 24 hours, Bitcoin's market cap is $1.14 trillion, with a 24-hour trading volume of $29.25 billion. Learn more about Bitcoin ›
At time of writing 6:47 PM, August 4, 2024 (UTC)the entire cryptocurrency market is valued at $2.03 trillion with a 24-hour trading volume of $70.67 billion. Bitcoin dominance is currently at 55.92%. Learn more about the cryptocurrency market ›
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