Key Points
- Bitcoin’s value dropped 4% in 24 hours, triggering $155.25 million in liquidations across the crypto market.
- Ethereum and other leading cryptocurrencies also experienced significant declines.
Bitcoin, the most prominent cryptocurrency by market cap, saw a 4% decrease in value within a 24-hour period, leading to $155.25 million in liquidations throughout the crypto market.
After maintaining a value above $60,000 for four consecutive days, Bitcoin fell below this mark on August 11, further slipping to below $59,000. At one point, the cryptocurrency reached an intraday low of $58,269 after previously hitting a high of $61,562.
Crypto Market’s Overall Decline
Data from CoinGecko indicates a 4.32% decline in the broader crypto market over the last 24 hours, reducing its total value to $2.05 trillion. Despite a 52% increase in global crypto trading volume compared to the previous day, trading activity was still lower than the previous week. This recent dip results in a weekly loss against the U.S. dollar of 9.7% for Bitcoin.
Ethereum also saw a decrease, dropping to $2,527 after reaching a peak of $2,711 earlier in the day. At the time of writing, Ethereum was trading at $2,553.
Among the top ten cryptocurrencies by market capitalization, Toncoin (TON) suffered the most significant loss, falling 8.43%, followed by Solana (SOL) with an 8.12% decrease, and Dogecoin (DOGE), which declined by about 6.75%. As the evening of Aug. 11 progressed, market prices remained volatile with heightened selling pressure.
Liquidations and Predictions
The day was challenging for traders in the crypto derivatives markets as a significant number of long positions were liquidated. Data from Coinglass shows that total crypto liquidations over the past 24 hours reached $155.25 million. Of this, approximately 80%, or $124 million, involved long trading positions, representing traders who had expected further price increases.
In the last 24 hours, over 61,637 traders were liquidated. The largest single liquidation occurred on the OKX exchange, amounting to $2.17 million. Bitcoin led the liquidations with $41.31 million, followed closely by Ethereum, which saw $39.53 million in liquidations.
According to Coinglass, Binance topped the list with $7.04 million in liquidations — $2.42 million from long positions and $4.62 million from shorts. OKX followed with $3.48 million in liquidations — $1.30 million from longs and $2.18 million from short positions. As a result, total crypto open interest dropped by 3.12% and is currently around $27.5 billion, per Coinglass data.
Despite recent fluctuations in the cryptocurrency market, analysts from Grayscale Research predict potential price increases in the coming months. They believe that token valuations could recover if the U.S. economy manages to achieve a “soft landing” and avert a recession, with Bitcoin possibly approaching its all-time high later in the year.
