The cryptocurrency market in the past 12 hours continued to witness a widespread sell-off, pushing Bitcoin and Ethereum back to old lows.
Volatility of top cryptocurrencies at 07:40 AM on August 5, 2024. Source: Coin360
Since the evening of August 4, the prices of leading cryptocurrencies have continued to plummet as panic spreads across the market.
Bitcoin (BTC) in the last 12 hours has lost 6.4% of its value, falling from 61,000 USD to 56,600 USD. This is the lowest price of the leading cryptocurrency since the dump of 53,500 USD in early July.
4h chart of the BTC/ USDT pair on Binance at 07:40 AM on August 5, 2024
Thus, BTC has dropped more than 10,000 in price in the past week after returning to the $70,000 mark on July 29.
Worse, Ethereum (ETH) dropped 8% to $2,600 - a value level not seen since February this year.
4h chart of the ETH/ USDT pair on Binance at 07:40 AM on August 5, 2024
The red color is spreading throughout the crypto market, with the top altcoins all plunging from 4% to 15% compared to a day ago.
Movement of top altcoins in the past 24 hours, CryptoBubbles screenshot at 07:40 AM on August 5, 2024
Total liquidation in the past 24 hours reached more than 380 million USD, with Longing accounting for 85.3%.
Liquidation data on the crypto Derivative market, CoinGlass screenshot at 07:40 AM on August 5, 2024
In addition to the macroeconomic influence from the US stock market and the risk of conflict in the Middle East rekindling, the information believed to be behind the latest correction of the crypto market is the rumor that Jump Crypto fund will conduct liquidation. asset management.
Jump Trading recently redeemed $410 million worth of 120,000 wstETH into ETH and then transferred it to CEXs such as Binance and OKX. Since July 25, 83,000 wstETH have been redeemed into 97,500 ETH, and 66,000 ETH (worth $191.4 million) have entered the exchanges.…
— Wu Blockchain (@WuBlockchain) August 4, 2024
According to statistics, since July 25, just 2 days after the Ethereum ETF started trading, Jump has converted up to 500 million USD of Lido's stETH Token back to ETH, then sent up to 200 million USD of Ethereum to the exchange. transactions with a high probability of selling.
Rumors are circulating that Jump is gradually reducing its exposure to the cryptocurrency industry after being investigated by the CFTC in June . Jump Crypto 's president, Kanav Kariya , also announced his resignation just a few days later, increasing speculation in the investment community. Previously, Jump was also accused by the SEC of being the fund that helped inflate the price of LUNA-UST, forming a giant bubble that burst in May 2022 .
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