Ethereum

Satoshi

Bitcoin

Base

Billion

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 <p>The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market underwent a brutal crash during the late U.S. hours on Thursday, August 17. Bitcoin and Ethereum created lows around $25,100 and $1,550, respectively. Most other <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets also mirrored the bearishness. As a result, the aggregate <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market cap slipped below the $1 trillion threshold and created a low of around $996.9 billion. A modest recovery was noted right after. However, bearish pressure was still prevalent at press time.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="454" src="https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp" alt="" class="wp-image-107448" srcset="https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 1024w, https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 380w, https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 550w, https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 800w, https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 1160w, https://cdn.thebittimes.com/images/2023/08/18/87647d5fcd03461094c14c41a47964fd.webp 1282w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    BTC/USDT by TradingView 
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 </figure> 
 <p><strong>Also Read: 1005 ‘Virgin’ Bitcoins Moved After 13 Years: Is Satoshi Back?</strong></p> 
 <p>Owing to the sudden dip in prices, more than $1 billion worth of trades were liquidated over the past 24-hours. In fact, more than 75% of the trades were rekt in a window of merely 30 minutes. Individually, BTC trades worth $493.52 million and Ether trades worth $306.98 million were wiped out of the market.</p> 
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 <p>Data from Coinglass revealed that the largest single <a rel="noopener noreferrer nofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a> order took place on Binance. An ETH/BUSD pair valued at $55.92 million was liquidated. Even DeFi exchanges were affected and went on to register “peak” <a rel="noopener noreferrer nofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a>s.</p> 
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   <img decoding="async" width="205" height="78" src="https://watcher.guru/news/wp-content/uploads/2023/08/1-billion.png" alt="" class="wp-image-107447"> 
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     Source: Coinglass 
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 <p><strong>Also Read: Can Bitcoin Realistically Cross $150,000-$180,000?</strong></p> 
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 </div> 
 <h3 class="wp-block-heading" id="h-did-insufficient-liquidity-trigger-bitcoin-s-crash">Did insufficient liquidity trigger Bitcoin’s crash?</h3> 
 <p>There have been several instances in the past where Bitcoin and other assets have registered long red candles in fairly short durations. The infamous <a rel="noopener noreferrer nofollow" title="flash crash" href="https://thebittimes.com/tag/flash-crash.html">flash crash</a> of May 19, 2021, is one such instance. On that day, BTC lost 14.38%. The loss was much higher when viewed from the daily high to daily low perspective. From $43,584, the asset dropped to $30,000 in a single day.</p> 
 <p>However, that crash was preceded by a period where Bitcoin created a series of higher highs on the chart. In fact, a couple of weeks before the crash, the asset also scripted history by attaining a peak at $64,854. This time, the conditions were completely different. Bitcoin had been consolidating in a horizontal range for more than a month, trying to amass liquidity. However, it could not garner enough buying momentum, and eventually lost its support by around $28,585. This, in turn, triggered the crash. </p> 
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  <img decoding="async" loading="lazy" width="1024" height="455" src="https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp" alt="" class="wp-image-107450" srcset="https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 1024w, https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 380w, https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 550w, https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 800w, https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 1160w, https://cdn.thebittimes.com/images/2023/08/18/8d7b8aee4f05719205bf10da9c184720.webp 1279w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    BTC/USDT by TradingView 
  </figcaption> 
 </figure> 
 <p><strong>Also Read: Coinbase: Base Scammers Earn $2 Million Profit From 500 Scam Tokens</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>crypto</li> 
  <li>ethereum</li> 
  <li>flash crash</li> 
  <li>liquidation</li> 
 </ul> 
</div>

$1 Billion Wiped Out Of Crypto Market Amid Bitcoin, Ethereum Crash

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TheBitTimes

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