Bitcoin and Ethereum Plunge in Early August
Bitcoin and Ethereum experienced a sudden decline at the start of August, with Bitcoin briefly falling below $113,000 this morning, while Ethereum dipped to a low of $3,430, resulting in a total liquidation of $1 billion across the network.
(Background: Powell insists on no interest rate cuts! However, there are emerging decision-making divergences within the Federal Reserve. Bitcoin rebounded after dropping below $116,000, and Ethereum regained $3,800.)
(Context: After Wall Street contaminated Bitcoin, “1BTC≠1btc,” why are native Bitcoins the next holy grail?)
Severe Market Impact on Cryptocurrencies
The cryptocurrency market faced severe impacts as August began, leading to a fierce sell-off! Bitcoin (BTC) fell below $113,000 this morning (2), hitting a low of $112,724 around 6:50, and has since temporarily recovered to $113,460, marking a 24-hour decline of 2.1%.
As the second-largest cryptocurrency, Ethereum suffered an even more significant decline. At around 6:40 this morning, Ethereum fell to a low of $3,430, and as of writing, it was reported at $3,485, reflecting a 24-hour decline of up to 5.6%.
With Bitcoin and Ethereum leading the downturn, the overall cryptocurrency market also experienced a decline. According to CoinGecko data, the total market capitalization of cryptocurrencies fell by 6.9% over the past 24 hours, bringing the total market value to $3.7 trillion.
Network Liquidation of $1 Billion
According to Coinglass data, over the past 24 hours, the market downturn triggered a liquidation affecting 217,000 individuals across the network, with a total liquidation amount reaching $1 billion.
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