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Crypto Slide: Bitcoin Drops 5%, Ethereum Sinks Over 8%
TOPICS
On Tuesday, according to the data from Arkham Intelligence, 30,000 BTC worth of $1.88 billion at current prices was transferred to the world’s largest crypto exchange, Binance. Such significant transfers to an exchange often raise concerns among market participants as there is a potential intention to sell, which can drive prices lower. Consequently, Bitcoin declined by 5.45%, closing at $59,427.
(BTCUSD Daily Price Chart, Sources from Trading View)
In addition, Ethereum was affected by the bearish movement of Bitcoin, slumped 8.3% to close at $2,458. The sharp downturn led to $313 million in liquidations of leveraged crypto derivatives positions over the past 24 hours, with BTC traders incurring $95 million and ETH traders suffering over $100 million in losses.
(ETHUSD Daily Price Chart, Sources from Trading View)
August, usually a calm month for crypto and other risk assets, has been unusually volatile this year. Despite this, Bitcoin remains up 39% for the year, while Ethereum has managed a more modest gain of 7%. While markets may buy the dip on Bitcoin, Ethereum could continue to face challenges until investors find a renewed sense of optimism for the asset.
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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
Ultima Markets is a member of The Financial Commission, an international independent body responsible for resolving disputes in the Forex and CFD markets.
All clients of Ultima Markets are protected under insurance coverage provided by Willis Towers Watson (WTW), a global insurance brokerage established in 1828, with claims eligibility up to US$1,000,000 per account.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
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