Key Points
- Bitcoin’s price fell by more than $3,500, with altcoins also reflecting this downward trend.
- Altcoins like dogwifhat, Bonk, THORChain, and Jupiter experienced losses exceeding 10%.
Bitcoin’s (BTC) value experienced a sharp decline, dropping over $3,500 to settle at $63,300. This occurred after a period of stability on July 31.
Simultaneously, altcoins mirrored this drop, leading to nearly $225 million in liquidated positions throughout the day.
Bitcoin’s Volatile Week
The week had started positively for Bitcoin, reaching $70,000 – a high not seen since early June. However, this peak was short-lived, with a swift rejection leading to a significant decrease and Bitcoin falling below the $65,500 mark.
Despite regaining some stability and trading at around $66,800, Bitcoin’s value plummeted once again to $64,300 after a press conference by Federal Reserve Chair Jerome Powell. This marked a decrease of over 3% within 24 hours.
The decline coincided with a New York Times report stating that Iran had ordered retaliatory measures against Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran. This increased the potential for further regional conflict.
Altcoins Follow Suit
As Bitcoin’s value dropped, altcoins suffered even greater losses. For example, dogwifhat (WIF) saw a 12.4% decrease, while Bonk (BONK) fell by 10%. Other altcoins like THORChain (RUNE) also experienced a 10% drop, with Jupiter (JUP) and Ethereum Name Service (ENS) decreasing by 8% and 9% respectively.
Among the larger-cap cryptocurrencies, Solana (SOL) fell by 8%, XRP by 6%, Cardano (ADA) by 4%, and both Ethereum (ETH) and Dogecoin (DOGE) saw a 4.4% decline.
Data from CoinGlass shows that nearly 67,000 traders were negatively impacted by this increased volatility. BTC positions saw $61.85 million in liquidations, while ETH positions faced $61 million. In total, liquidated positions were valued at $225.4 million at the time the data was released.
