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  • Aug 04, 2024

Crypto Liquidations Top $1 Billion After Bitcoin Dives Below $50K

The cryptocurrency market experienced a seismic shock in the past 24 hours, with total liquidations surpassing $1.06 billion and affecting 278,480 traders. This market meltdown, characterized by a stark imbalance between long and short positions, saw long liquidations reaching a staggering $902 million, while short liquidations stood at $160 million, according to CoinGlass data. The single largest liquidation in the past day has been a $27 million position on Huobi, according to Coinglass. Bitco...

  • Aug 04, 2024

Crypto Market Rout Resumes as Equities Trading Briefly Halted in Japan

The crypto market sank to its lowest levels in more than five months as Japan's stock market balked at recessionary fears following a rate hike by its central bank last week. Bitcoin and Ethereum, the two largest cryptos by market capitalization, have fallen considerably over the last 24 hours, down 9% and 18%, respectively. Trading volumes surged by just over 214% Sunday compared to Saturday, driven by heavy dip buying, with volumes up around 226%, a spokesperson for crypto exchange Swyftx told...

  • Aug 04, 2024

Bitcoin Dominance Hits 3-Year High Amid Market Turmoil

Bitcoin dominance surged to a three-year high amid the weekend's market turmoil. Per data from Coinglass, Bitcoin dominance—the ratio of Bitcoin's market capitalization to that of all cryptocurrencies—is currently 55.6989%, marking its highest level since April 2021. At that time, the total market cap of all cryptocurrencies was $1.09 trillion, versus $1.2 trillion today. "Current market conditions are significantly different from those in April 2021," Ruslan Lienkha, chief of markets at YouHodl...

  • Aug 04, 2024

DeFi Sector Takes a Hit as Jump Crypto Begins Shuffling Millions in Funds

Top cryptos within the decentralized finance sector witnessed a strong sell-off late Sunday as the crypto arm of proprietary trading firm Jump Trading began moving millions of dollars to exchanges. It follows crypto investors rushing to the exit, spooked by concerns stemming from economic and geopolitical headwinds, Decrypt reported. Recessionary fears led to a substantial sell-off in U.S. equity markets on Friday, with the unemployment rate rising to 4.3% in June, triggering global market decli...

  • Aug 04, 2024

Bitcoin Institutional Adoption 'Remains on Track' Despite Market Turbulence: Bernstein

Amid the battering the crypto market has received on Monday, Bernstein said Q3 for Bitcoin will be heavily influenced by macroeconomic factors and political developments. "Overall, the Bitcoin and crypto market will likely trade off macro and election cues for most of Q3, 2024," the Bernstein analysts wrote in a note Monday morning, highlighting the interconnectedness of digital assets with broader economic and political trends. The report notes that BTC experienced a significant correction over...

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