BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Crypto Continues to See Major Liquidations as Bitcoin Aims for $57,000

Michael Juanico by Michael Juanico
August 6, 2024
in CRYPTO
Reading Time: 3 mins read
1
SHARES
13
VIEWS
Share on XShare in TelegramShare on Reddit
  • Bitcoin briefly plummeted below $50,000 Monday as U.S. economic fears spread the market rout beyond stocks, leading to about $1.2 billion in crypto liquidations over the past 24 hours.
  • Ether, Solana and other alternative crypto assets are down even more than bitcoin.
  • Despite bitcoin’s aspirations to be a safe-haven asset, its recent price movements show that it’s still operating as a risk-on asset today.

The price of Bitcoin plunged below $50,000 on Monday, as fears about the U.S. economy sparked a broader market selloff. The sharp drop in Bitcoin’s price led to approximately $1.2 billion in liquidations across the crypto market over the last 24 hours.

JUST IN: $127 million in crypto shorts has been liquidated over the last 24 hours pic.twitter.com/OIX5llhWBI

— BlockNews.com (@blocknewsdotcom) August 6, 2024

Bitcoin Falls Nearly 30% From Recent Highs

After hitting $70,000 just a week ago, Bitcoin fell to nearly $47,000 on Monday morning. This represents a decline of almost 30% from its recent peak. The sell-off in Bitcoin mirrored the declines seen in the stock market, as investors dumped risk assets amid concerns over a potential recession.

Altcoins Experience Even Larger Losses

Alternative cryptocurrencies, commonly known as “altcoins,” saw even steeper declines than Bitcoin. Ether, the second largest cryptocurrency, dropped 24% over the past week. Meanwhile, Solana plunged 28% over the same timeframe.

Crypto-Related Stocks Also Take a Hit

Publicly traded companies with exposure to crypto felt the effects of the simultaneous equities and crypto sell-off. Shares of crypto exchange Coinbase fell 5%, while those of crypto miner Marathon Digital declined by 5%. MicroStrategy, which holds Bitcoin on its balance sheet, saw its stock tumble 9% amid the risk-off environment.

Large Price Swings Not Unusual for Bitcoin

Volatility is nothing new for Bitcoin, even during bull markets. The leading cryptocurrency frequently experiences drawdowns of 20% or more following its quadrennial halving events. Despite its ambitions to serve as a safe haven asset, Bitcoin continues to trade as a risk-on asset during periods of market turmoil.

Long-Term Believers Remain Confident

For longtime crypto investors, the latest bout of volatility has not shaken their long-term convictions about Bitcoin. They maintain the view that Bitcoin will serve as a hedge against fiat currency debasement over the coming years, despite its tendency to move in lockstep with equities over the short term.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinCoinbaseMarathon DigitalMicrostrategy
TweetShareShare
Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

DON'T MISS THESE! HOT OFF THE PRESS

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade
CRYPTO

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

September 17, 2025
How to Go From Zero to Your First Profitable Trade in Crypto (2025)
BITCOIN

How to Go From Zero to Your First Profitable Trade in Crypto (2025)

September 17, 2025
What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News
CHAINLINK

What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

September 17, 2025
What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight
CRYPTO

What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

September 17, 2025
Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow
CRYPTO

Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow

September 17, 2025
Here is Why SUI Could Soar 200% on Google Cloud Partnership and ETF Buzz
CRYPTO

Here is Why SUI Could Soar 200% on Google Cloud Partnership and ETF Buzz

September 17, 2025
Load More

Related News

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

September 17, 2025
How to Go From Zero to Your First Profitable Trade in Crypto (2025)

How to Go From Zero to Your First Profitable Trade in Crypto (2025)

September 17, 2025
What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

September 17, 2025
Jerome Powell October Rate Decision Outlook: What to Expect and How it Will Effect You

Jerome Powell October Rate Decision Outlook: What to Expect and How it Will Effect You

September 17, 2025
What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

September 17, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews