Cryptocurrency Markets Plunge Amid Broker Liquidations
In the past 24 hours, a staggering 79,749 traders were liquidated, with total losses amounting to $207.41 million. The cryptocurrency markets are deep in the red, reflecting bearish investor sentiment.
Cryptocurrency Price Movement
Bitcoin (BTC/USD), often seen as the bellwether for the entire crypto market, is struggling and has touched the sensitive $65,000 mark, down by 1.7%.
| Cryptocurrency | Price | Gains +/- |
|——————–|———–|—————|
| Bitcoin (BTC/USD) | $65,615.96 | -1.7% |
| Ethereum (ETH/USD) | $3,411.62 | -2.4% |
| Solana (SOL/USD) | $142.05 | -4% |
| Dogecoin (DOGE/USD) | $0.1339 | -5.7% |
| Shiba Inu (SHIB/USD) | $0.00002002 | -6.4% |
Notable Statistics
Analytical data from Coinglass reveals that Bitcoin's short liquidations have dropped to their lowest since June 9. The past 24 hours saw a dramatic fall in trader activity and positions:
- 79,749 traders were liquidated for $207.41 million.
- IntoTheBlock data indicates a 9% drop in daily active addresses and a 15.8% decline in large transaction volumes.
- Lookonchain reports that Bitfinex Bitcoin whales have reduced their long positions.
Notable Developments
- Arthur Hayes and Raoul Pal Predicts Dogecoin ETF: ‘If People Wait In Line For Luxury Brands, They Will Trade Meme Coins Online’.
- Coinbase CEO Brian Armstrong insists ‘Both Parties’ Must Tackle Regulatory Issues.
- Biden Administration Criticized: Tether Co-Founder Says 'They Let The SEC Go Unchecked.'
- Donald Trump Shifts From Selling NFTs To Declaring Himself The ‘Crypto President.’
Top Losers in the Market
| Cryptocurrency | Price | Gains +/- |
|——————–|———–|—————|
| Stacks (STX/USD) | $1.89 | -11.1% |
| Pepe (PEPE/USD) | $0.00001086 | -9.3% |
| Ronin (RON/USD) | $2.52 | -9.3% |
Trader Insights and Predictions
ElonTrades drew parallels between Bitcoin's current situation and late 2020: "It retraced 15%, pumped, then retraced another 10% before liftoff." He believes this cycle may be "slightly less explosive and more drawn-out."
Crypto analyst Wolf expects Bitcoin to eye the $62,000 mark. "Market sentiment is expected to turn extremely bearish. They want your cheap coins."
Trader Mercury commented that Bitcoin may stay in a "chop for the rest of the summer."
CryptoCon emphasizes, "$61,603 is the number to watch," based on the reliable healthy support of the 20-week EMA.
What’s Next?
The role of Bitcoin as an institutional asset class will be a pivotal discussion at Benzinga’s upcoming Future of Digital Assets event. The influence and future of cryptocurrency in broader financial markets are anticipated to be thoroughly explored.
Stay tuned for more updates as the cryptocurrency market continues to evolve.
