Cryptotraders lost over $600 million in a day. What happened on the market
Crypto Traders Lost Over $600 Million in a Day. What Happened in the Market
On the night of July 28, Bitcoin's price fell roughly 3% in a few hours, and Ethereum dropped nearly 5%. Over 95% of major cryptocurrencies lost up to 20% of their value in the past day. Amid this volatility, crypto traders saw over $600 million in liquidations within 24 hours.
Bitcoin briefly dropped to around $63,000, its lowest since mid-July, while Ethereum fell below $1,870 before recovering slightly. Exchanges liquidated positions of nearly 140,000 traders totaling $605 million, with $530 million from long positions. The majority of losses were on Bitcoin and Ethereum markets.
This market drop coincided with declines in global markets. Gold prices fell about 2%, and major U.S. indices like NASDAQ and S&P 500 lost 1%. Asian indices saw steeper falls, with South Korea's KOSPI dropping over 10%.
Spot Bitcoin and Ethereum ETFs in the U.S. showed minimal net capital movement. U.S. Ethereum ETFs saw a small inflow, while Bitcoin ETFs recorded a slight outflow. The Crypto Fear and Greed Index stands at 29, indicating a prevailing "fear" sentiment bordering on "extreme fear," suggesting investors remain inclined to sell.
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