The cryptocurrency market continued to plunge over the past 12 hours, hitting BTC and ETH prices hard.
Movements of top cryptocurrencies at 09:20 AM on 07/09/2024. Source: Coin360
In the last 12 hours, Bitcoin price has dropped from $57,000 to $52,500, the lowest level since the dump to $49,000 in early August.
The world's largest cryptocurrency saw a slight recovery after the US released August unemployment figures, before falling again as investor sentiment turned pessimistic.
1h chart of BTC/ USDT pair on Binance exchange at 09:20 AM on 07/09/2024
Bitcoin has seen a wave of selling from US Bitcoin ETFs over the past week, with outflows of over $200 million regularly recorded. Not stopping there, some say the $50,000 price range will be difficult to maintain as the market remains concerned about the upcoming interest rate adjustment from the Fed in mid-month.
Similarly, the second largest coin, Ethereum, fell to $2,150 at one point, very close to its August Dip of $2,111.
1h chart of ETH/ USDT pair on Binance exchange at 09:20 AM on 07/09/2024
ETH has been continuously affected by a wave of negative news about network activities and the Ethereum Foundation's Token Sale scandal. The appearance of Ethereum ETFs has not improved the situation with poor buying power, allowing outflows to completely overwhelm.
At current prices, Ethereum XEM wiped out all of its gains in the first three months of 2024, a warning sign for the world's second-largest cryptocurrency.
What a yearly candle pic.twitter.com/7L9fGR6zvK
— 🅱️onko 🪲 (@jonkodoteth) September 6, 2024
The current top 100 altcoins also fell along with BTC and ETH, losing 4-7% of their value compared to 24 hours ago.
Top altcoin movements in the last 24 hours, screenshot from CryptoBubbles at 09:25 AM on 07/09/2024
The amount of value liquidated in the past day reached more than 290 million USD, with 75.6% being Longing orders.
Liquidation data on the crypto Derivative market, CoinGlass screenshot at 09:25 AM on 07/09/2024
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