The cryptocurrency market fell sharply in the early morning of Wednesday (28th). The price of Bitcoin (BTC) fell from about US$62,000 to US$58,000, a drop of about 6%, and Ethereum (ETH) also fell by nearly 7%. Before the deadline, Bitcoin and Ethereum had rebounded slightly, with trading prices of $59,373 and $2,460 respectively.
The decline resulted in the largest liquidation since the market crashed on August 5. According to data from the cryptocurrency derivatives analysis platform Coinglass, a total of about 87,700 people were liquidated in the past 24 hours, and a total of about $320 million in leveraged positions were liquidated, of which long positions accounted for a large part, about $287 million. It's unclear what triggered the sell-off.
Other top 10 cryptocurrencies by market capitalization saw similar declines, with BNB down nearly 4% to around $530, Solana’s SOL down 6% to $146, and Ripple (XRP) down 4% to $0.56. Dogecoin (DOGE) and Tron's TRX also fell by about 5% and 2.25% respectively, and were trading at $0.099 and $0.158 respectively at the time of writing.
The TON token related to the social platform Telegram also fell by nearly 8% to around $5.1 earlier, but judging from the price fluctuations in the past 24 hours, it actually did not fall too much because the token has been under pressure in the past few days. Telegram dropped sharply on news of the detention of founder Pavel Durov . The trading price of TON rose slightly to $5.35 before the deadline.
