Yesterday’s minor relief rally quickly came to a halt as the entire market turned red once again. Bitcoin and Ethereum both dumped to monthly lows before recovering slightly.
This has caused roughly $200 million in liquidations for over-leveraged traders, with the largest single-wrecked position worth nearly $3 million.
CryptoPotato reported yesterday the minor price gains charted from most assets, which included BTC nearing $60,000 for the first time in days. ETH was also a good performer, as it jumped to $2,550.
However, the landscape has changed entirely today, perhaps driven by the fear in the US stock markets, as mentioned earlier.
Bitcoin was rejected before even having the chance to tap $60,000, but it went even further south today, dropping to $55,600 (on Bitstamp). The last time the asset stood at such a low level was during the early August crash.
Bitcoin/Price/Chart 04.09.2024. Source: TradingViewEthereum lost over $200 in a day, from nearly $2,550 to $2,300. Despite recovering some ground and now trading at $2,370, the second-largest crypto is still 5.5% down on the day.
The situation with the altcoins is even more painful on some occasions. TON, for example, has shed 8% of value, NEAR is down by 7%, while ADA, SOL, and AVAX have slipped by 6%.
As a result, over 73,000 over-leveraged traders have been wrecked in the past day, with the total value of liquidated positions standing close to $200 million, according to CoinGlass.
The single-largest one took place on Binance and was worth almost $3 million. It involved the ETH-USDT trading pair.