Bitcoin Hits Six-Month Low Amid Liquidations
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Loading... - Chiara Costa
- 08 Aug 2024
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The cryptocurrency market experienced a sharp decline on Monday, with bitcoin (BTC) plummeting to its lowest price since mid-February. The world's largest cryptocurrency fell to $49,314, a level not seen since February 2023. Ethereum (ETH), the second-largest cryptocurrency, also suffered a significant drop, falling to January levels.
The cryptocurrency market saw a massive liquidation of $1.19 billion in crypto futures over the past 24 hours, as of Monday morning. This significant sell-off has led to a sharp decline in cryptocurrency prices, with many investors facing significant losses. Despite the current market downturn, Coinbase (COIN) reported strong Q2 revenue estimates, driven by a surge in trading volume and transaction revenue. This news provides a glimmer of hope for the cryptocurrency industry, which has been struggling in recent months.
In a positive development, spot ethereum ETFs began trading on July 23, after receiving approval from the Securities and Exchange Commission (SEC). This move is expected to increase investor access to ethereum and potentially boost its price. Earlier this month, cryptocurrency prices surged after President Trump nominated crypto-friendly Senator J.D. Vance (R-Ohio) as his vice-presidential running mate. However, this rally was short-lived, and prices have since retreated. Bitcoin (BTC) is currently trading around $52,150, recovering slightly from its overnight low of $49,314. Ethereum (ETH) is trading near $2,345, rebounding from its early low of $2,128.
The cryptocurrency market is known for its extreme volatility, and investors should exercise caution when investing in digital assets. It's essential to stay protected by learning when to sell, cut losses, or capture profits. Investors should also prepare to profit if the cryptocurrency market rebounds.
Cryptocurrency Prices Heatmap
- Bitcoin: $52,150
- Ethereum: $2,345
The cryptocurrency market remains a dynamic and volatile space, with significant events influencing price movements. Investors should stay vigilant, focusing on risk management and staying abreast of market trends to navigate the ever-changing landscape of digital assets.
