Bitcoin Price Drops Below $59,000, Crypto Market Experiencing Massive Liquidation?

Bittime – This week's news is not pleasant for the crypto market because it makes portfolios red. Moreover, the price of bitcoin fell below $59,000. 

How is the analysis? Read this article until the end.

Bitcoin Prices Drop This Week

This week has been a tough week for Bitcoin and the crypto market as a whole. Bitcoin, as the leading cryptocurrency, plunged below the psychological level of $60,000 and even broke the $59,000 mark. 

Throughout last Sunday, Bitcoin touched a low of $58,315, even though previously it had reached a high of $61,868.

Overall, the crypto market saw a 3.18% decline in the last 24 hours. The total value of crypto market capitalization also shrank to $2.06 trillion. 

Bitcoin itself experienced a 3.8% decline in the same period, hitting a low of $58,315 on the Bitstamp exchange at 5:13 EDT.

Read Also: South Korean Wacon CEO Arrested in Ethereum Fraud

Bitcoin Price Today

When this article was written on August 12 2024, BTC prices had not yet increased. As in the graph above, BTC is currently at IDR 940,675,307 which means it is still below $59,000.

Trading Volume Increases. Trading Activity is Quiet

Even though global crypto trading volume increased 7.53% compared to the previous day, compared to last week, trading activity was still relatively quiet. 

This week's decline adds a dark note for Bitcoin, which over the past two weeks has lost 13.9% of its value against the US dollar.

Ethereum (ETH) also did not escape correction. Ethereum touched a low of $2,540 after previously being around $2,720. As of 5:15 EDT, ETH was trading around $2,568. 

Among the top ten cryptocurrencies by market capitalization, toncoin (TON) experienced the deepest decline, namely 7.5%. 

Followed by XRP which fell 6.5% and Solana (SOL) which fell around 5.73%. By late afternoon on Sunday, overall crypto prices were still volatile with selling pressure increasing.

Ethereum prices also slumped

Sunday was a nightmare for many traders in the crypto derivatives market. Data from coinglass.com shows that massive liquidations occurred in long positions (buy positions). 

A total of 54,744 traders experienced liquidation with total losses reaching $132.49 million as of 5:15 EDT. Of this amount, $102.33 million came from the liquidation of long positions, with $25.95 million of that being Bitcoin (BTC) trades. 

Ethereum (ETH) long positions saw a loss of $22.84 million, while Solana (SOL) saw $8.37 million worth of long position liquidations on Sunday. 

The largest liquidation occurred on the Okx exchange, where ETH trading resulted in a loss of $2.17 million.

Crypto Market Correction Analysis: Implications and Potential

The decline in the price of Bitcoin and a number of other major cryptocurrencies has raised concerns among investors. The massive liquidation that occurred further worsened the situation.

1. Factors Causing Decline

Some potential factors contributing to this market correction include:

• Profit-taking: After a period of significant upside, some investors may choose to secure profits by selling their crypto assets.
• Macroeconomic Uncertainty: Global economic conditions which are still full of uncertainty can affect investors' risk appetite.
• Regulations: Changes in regulatory policies regarding crypto can create instability in the market.

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2. Impact on Crypto Markets

A price drop could negatively impact investor sentiment and confidence in the crypto market as a whole.

Additionally, price corrections can also affect developing projects, especially those that depend on funding through token sales.

However, market corrections can also create opportunities for long-term investors to purchase crypto assets at lower prices.

3. Market Prospects

Crypto price movements are volatile, and corrections are a normal part of the market cycle. It is important for investors to have a long-term view and avoid making investment decisions based on emotions.

Some analysts predict that the crypto market will experience a period of consolidation before resuming its bullish trend. However, macroeconomic and regulatory developments remain key factors that will influence price movements.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.