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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
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  • 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
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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.

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