Crypto Market Faces Heavy Liquidations Amid Broad Sell-Off
The cryptocurrency market experienced significant losses over the weekend, with Bitcoin plunging below $60,000 and altcoins like Dogecoin and Solana dropping over 10%. Bullish traders lost nearly **$200 million** in liquidations as the sell-off entered its fourth consecutive day.
Key Market Movements
- Bitcoin (BTC): Fell 4% to $59,400, hitting a three-week low.
- Ethereum (ETH): Dropped below $2,900, erasing July's gains.
- Altcoins: SOL, DOGE, XRP, ADA, and BNB saw losses ranging from 6% to 9%.
- CoinDesk 20 Index (CD20): Declined 5.73%, reflecting broad market weakness.
Causes of the Sell-Off
- Geopolitical Tensions: Rising conflicts in the Middle East dampened risk appetite.
- ETH ETF Outflows: U.S. spot ETH ETFs recorded $510 million in net outflows since launch.
- Liquidation Pressure: Over 97,000 traders faced liquidations, with ETH longs losing $55 million** and BTC longs **$43 million.
Analysts had warned of a potential BTC drop to $55,000 amid weakening sentiment toward tech stocks and cryptocurrencies.
Market Data Highlights
| Metric | Value |
|---|---|
| BTC 24h Change | -4% |
| ETH 24h Change | -5.5% |
| Total Liquidations | $200M |
| CD20 Index Decline | 5.73% |
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FAQs
Why did Bitcoin fall below $60,000?
The drop was driven by geopolitical risks, ETH ETF outflows, and cascading liquidations from leveraged positions.
Which altcoins were hit the hardest?
Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) fell 9% or more, underperforming major tokens.
Are ETH ETFs failing?
Not necessarily, but early trading shows net outflows of $510 million, suggesting cautious investor sentiment.
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Outlook
While the market remains volatile, key support levels like $55,000 for BTC** and **$2,800 for ETH are being closely watched. Traders should monitor:
- Macroeconomic developments
- ETF flow trends
- Liquidation risks
The current correction highlights the importance of risk management in crypto trading.
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