Breaking News: The past weekend (August 9 – 11, 2024) witnessed the cryptocurrency markets crash due primarily to excessive liquidations up to the tune of $179 million. Bitcoin the foremost cryptocurrency assest plunged in value below $60,000.
Bitcoin is currently exchanging for $59,805, a drop from over $62,000 a few days before, as sentiments and uncertainties rip through the cryptocurrency markets.
The general cryptocurrency markets however witnessed only a slight plunge having shed 3% of its total value. The entirety Crypto market is currently valued at $2.17 trillion.
As expected, other cryptocurrencies followed Bitcoin’s trajectory also shedding value with Etherium the second foremost cryptocurrency dipping in value to $2,540 on Sunday. Though it has quickly recovered to around $2,668 at this time.
Among the leading cryptocurrencies hardest hit by the recent dip are Solana which shed 3.2% of value in 24 hours, Bitcoin shed 2.3%, and Binance coin shed 2.0%.
Excessive liquidations at the markets
According to a reports by Coinglass (a cryptocurrency analyst) made available to Ogasabi of 9AM News Nigeria, the cryptocurrency markets lost $179.4 million through liquidations in a span of 24 hours.
Bitcoin assets traded (liquidated) amounted to $47.2 million, followed by Etherium liquidated to the tune of $46.9 million and Solana to the tune of $15.3 million.
The single largest liquidation order took place at OKX cryptocurrency platform, an Etherium to USD swap valued at $2.2 million.
Binance, OKX and Bybit registered the highest volume of liquidation trades according to the report from Coinglass.
Currently Bitcoin is exchanging for $59,805. The cryptocurrency assest has seen an all time high of $73,737 in value as at March 2024.
Crucial to know
9AM News Nigeria recounts that last week Monday the Crypto market experienced a severe and momentary crash with Bitcoin crashing to less than $50,000 for a brief moment due to large amounts of Bitcoins moved to centralized exchanges.
The Crypto market has since bounced back from that terrible episode with Bitcoin adding over $10,000 in value.
