This week has been quite negative for the price of bitcoin (BTC), after it touched $70,000 on Monday, July 29. It is now trading below $58,000 this Sunday, August 4. Specifically, it is around $57,400 at the time of writing this article. This price movement has caused violent liquidations to occur for leveraged traders in bullish positions, or who were betting on a rise in the price of BTC and the rest of the cryptocurrency market. The figure amounts to over 1 billion dollars. According to data from the analysis firm CoinGlass, on its portal, in the last 7 days 1,003 million have been registered in liquidations to bullish traders. This, without having updated the data from what goes from Sunday, day when BTC finally lost the $60,000 support. While a similar situation was experienced in the first days of July, when bitcoin touched $56,000, This volume of liquidations has not been common throughout the year.. In addition to what happened last month, a similar volume of liquidations had not been seen since April, when the price of Bitcoin fell from USD 72,000 to USD 61,000. As we already reported in BitcoinDynamic, this market drop was caused by the widespread collapse of the technology companies marketparticularly in the hardware manufacturing sector, led by Intel and other chip market leaders.
Although there are no peaks, liquidations have been constant. CoinGlass.
Ethereum below $2,900
Despite the drop in the price of bitcoin, in the last 24 hours, it is ETH traders who have suffered the most liquidations. According to CoinGlass, while BTC has liquidations of over $42 million, ETH has registered more than $100 million at the time of writing. $53 million in that period. ETH price has fallen below $2,900, despite the expected boost from the recent launch of its spot ETF.
ETH leads the top liquidations in the last 24 hours. Source: Coinglass. At the moment, while bitcoin continues to try to stay above the support of USD 57,000, the rest of the market has followed it down. In the last 7 days, the cryptocurrencies with the biggest losses are BRETT, ENA and TAO, from the top 100, with falls exceeding more than 30% in their valuation. According to Coinmarketcap, Memecoins are being hit hardest by the recent crash. Pepe, Bonk and Floki are all recording losses of over 30% each. At the moment, only two cryptocurrencies among the largest capitalization are recording gains in the top of Coinmarketcap gainers: Tron (TRX) and Toncoin (TON) with gains of 1.2% and 0.08 in the last 24 hours.