After a chain of recovery days last week, the crypto market witnessed a wave of selling returning as the two leading currencies, Bitcoin and Ethereum, simultaneously plummeted.
Price movements of top cryptocurrencies at 07:30 AM on August 28, 2024. Source: Coin360
Early morning of August 28, Bitcoin (BTC) price dropped from 62,000 USD to 58,000 USD in just 1 hour.
BTC made an impressive rally last week to return to the $65,000 mark for the first time since the flash crash to $49,000 in early August. This was the result of news that the US Federal Reserve (Fed) was about to cut interest rates , combined with a chain of continuous inflows from Bitcoin ETFs.
1h chart of BTC/ USDT pair on Binance exchange at 07:30 AM on 08/28/2024
The latest dump not only wiped out last week's gains, but also put pressure on other coins in the market.
Ethereum was the hardest hit altcoin, losing 10% of its value in the past 24 hours, dropping as low as $2,392, before recovering to $2,450 at the time of writing.
1h chart of ETH/ USDT pair on Binance exchange at 07:30 AM on 08/28/2024
Unlike BTC, ETH has been in the market spotlight for the past week, but not in a positive way, with Vitalik Buterin's bearish comments on DeFi , as well as the Ethereum Foundation's $94 million ETH transfer to the exchange . The world's leading smart contract network has also seen a debate over its layer-2 strategy , which has not only Shard liquidation, but also reduced the value retained in ETH , leading to a decline in on-chain activity .
Other top altcoins are currently seeing 24-hour losses ranging from 5 to 13%.
Price movements of top altcoins on the market, screenshot from CryptoBubbles at 07:30 AM on 08/28/2024
In the past 12 hours, nearly $260 million in Derivative orders were liquidated, with Longing accounting for 90%.
Liquidation data on the crypto Derivative market, CoinGlass screenshot at 07:35 AM on 08/28/2024
Notably, on Binance, a case of a Longing order on the ETH/ BTC pair worth $12.6 million was recorded being liquidated when the price of Ethereum fell more than Bitcoin.
BREAKING: SOMEONE WHO LONGED $ETH / $ BTC GOT LIQUIDATED FOR $12.67M pic.twitter.com/JKqUmnnsm6
— DEGEN NEWS (@DegenerateNews) August 27, 2024
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