Bitcoin’s downward spiral continued on Tuesday as its price slipped below the $62,000 threshold. Just three days earlier, it had reached a peak of $65,103 per coin. The market downturn resulted in the liquidation of $20.28 million in bitcoin long positions and $40.29 million in ether longs.
The global crypto market cap dipped by 1.83% on Tuesday, settling at $2.17 trillion. Bitcoin experienced a drop from its intraday peak to a low of $61,455, while ethereum faced a sharper decline, slipping 3.7% to $2,583 per ether.
Among other cryptocurrencies, SOL fell by 1.97%, XRP saw a 2% gain, and DOGE shed 1%. Helium emerged as the day’s top performer, rising 8%, while akash network endured the steepest drop, losing 5.85%. The crypto derivatives market saw $120.47 million in liquidations, mostly consisting of long positions.
Approximately $99.12 million in long positions were wiped out, with $60.57 million in ETH and BTC long positions vanishing. Over the past 24 hours, 47,003 traders faced liquidations, and the largest single liquidation order involved an ETH trade worth $2 million on Okx.
After the turbulence in early August, the crypto economy is striving to regain stability. The rebound in BTC and other crypto assets followed remarks by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, and market watchers anticipate a rate cut at the upcoming Federal Open Market Committee (FOMC) meeting.
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