Synopsis
Shivam Thakral, CEO of BuyUcoin, explained, “Bitcoin’s drop below $60,000 and Ethereum’s nearly 7% fall were driven by a wave of liquidations totaling over $300 million. This was sparked by investor uncertainty and a general market downturn. Despite this setback, the long-term outlook remains positive due to strong fundamentals and ongoing institutional interest.”
The cryptocurrency market has experienced a sharp decline today, reversing recent gains and raising concerns among investors. Bitcoin (BTC) fell to around $59,000 in the past 24 hours, while the global crypto market cap dropped nearly 6% to $2.08 trillion.
As of 12:44 pm IST, Bitcoin was down 5.7%, trading at $59,198, while Ethereum fell 7.85% to $2,466.
Shivam Thakral, CEO of BuyUcoin, explained, “Bitcoin’s drop below $60,000 and Ethereum’s nearly 7% fall were driven by a wave of liquidations totaling over $300 million. This was sparked by investor uncertainty and a general market downturn. Despite this setback, the long-term outlook remains positive due to strong fundamentals and ongoing institutional interest.”
Crypto Tracker
TOP COIN SETSAI Tracker8.89% BuyNFT & Metaverse Tracker1.51% BuyCrypto Blue Chip – 5-4.27% BuyBTC 50 :: ETH 50-4.92% BuyDeFi Tracker-9.73% BuyTOP COINS (₹) Tether84 (0.13%)BuyBNB45,075 (-2.86%)BuyBitcoin4,958,260 (-5.81%)BuySolana12,172 (-7.56%)BuyEthereum206,783 (-7.95%)BuyMeanwhile, the CoinDCX Research Team noted, “The crypto market’s 5% decline in the past 24 hours occurred without specific news triggers. This sell-off may be due to concerns ahead of upcoming macro data releases, such as U.S. GDP and PCE Index figures. The technical charts had already been bearish, contributing to the market weakness.”
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View Details »Avinash Shekhar, Co-Founder & CEO of Pi42, added, “August is typically a quieter month for cryptocurrencies, but this year has been unusually volatile. Bitcoin’s current price range aligns with levels seen since April, indicating that the recent decline might be a temporary setback in a broader uptrend.”
Altcoins and meme-coins like Solana, BNB, Dogecoin, Shiba Inu, Avalanche, and XRP saw price declines ranging from 3% to 9% over the past day.
The volume of all stablecoins is currently $82.73 billion, making up 93.35% of the total crypto market’s 24-hour volume, according to .
Over the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, dropped to $1.168 trillion, with Bitcoin’s dominance standing at 56.15%, per . BTC’s 24-hour trading volume increased by 47.5% to $41.56 billion.
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Bitcoin is currently in a medium to long-term horizontal trend channel, indicating a continued direction. It is trading between support at 52,996 and resistance at 68,860, with a break above or below these levels signaling a new trend.
The currency is nearing support at 57,400, which could trigger a positive reaction, but a break below this level would be bearish.
Low volume at price tops and high volume at price bottoms weakens the currency and increases the likelihood of a crash. Meanwhile, the rising RSI suggests a possible upside reversal, making Bitcoin technically neutral in the medium to long term.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
