Ethereum

bullish

Bitcoin

Meme Games

Million

More than $160 million was liquidated from leveraged positions over the past 24 hours after the <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">Bitcoin price</a> dropped below $58K to trade at $57,934.13 as of 3:20 a.m. EST.
The majority of the liquidations throughout the past day of trading were long positions, with bullish traders seeing over $134 million wiped out from their positions, according to <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Coinglass</a> data. Meanwhile, more than $31 million was liquidated from short positions.
<img decoding="async" src="https://lab51.io/wp-content/uploads/2023/09/A-coin-with-Bitcoin-logo-and-another-coin-with-the.jpg" alt="Bitcoin vs. Ethereum: A Comparative Analysis of Two Industry Giants - LAB51 | All about Web3, Metaverse, AI, Crypto &amp; NFT in Switzerland and Beyond">
<h2 id="span-style-font-weight-400-bitcoin-and-ethereum-lead-in-liquidations-as-sentiment-reaches-extreme-fear-span">Bitcoin And Ethereum Lead In Liquidations As Sentiment Reaches “Extreme Fear”&nbsp;</h2>
The total crypto market cap dropped over 5% in the last 24 hours. This is after all of the top 10 biggest cryptos by market cap suffered losses during the past trading session. Toncoin (<a href="https://insidebitcoins.com/news/next-cryptocurrency-to-explode-thursday-august-8-xrp-toncoin-stellar-polkadot" rel="noopener noreferrer nofollow">TON</a>) took the biggest hit, and shed more than 7% of its value. Dogecoin (DOGE) was the next biggest loser after its price also plunged over 7%.
Market leaders <a href="https://insidebitcoins.com/news/bitcoin-breaks-above-60k-as-new-addresses-suggest-renewed-interest-from-retail-investors" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum (ETH) both dropped over 4%. BTC and ETH accounted for the majority of the liquidations in the past 24 hours. Over $43 million was wiped in leveraged BTC positions, while ETH liquidations soared to over $39 million.
Sentiment in the market has turned negative as well following the recent market correction. In the last 24 hours, the <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow">Crypto Fear and Greed Index</a> dropped from a “Fear” reading of 39 to an “Extreme Fear” score of 25.
<h2 id="span-style-font-weight-400-whale-awakens-after-10-year-dormancy-span">Whale Awakens After 10 Year Dormancy</h2>
The drop in BTC’s price could have something to do with a dormant wallet being reactivated over the weekend. Whale tracking platform Whale Alert revealed in an Aug. 10 X post that an address containing 25 BTC was activated for the first time in over 10 years.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 💤 A dormant address containing 25 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> (1,515,099 USD) has just been activated after 10.6 years (worth 20,138 USD in 2014)!<a href="https://t.co/DA4F4iE1av" rel="noopener noreferrer nofollow">https://t.co/DA4F4iE1av</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1822268682975715601?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
In the post, Whale Alert shared that the holdings of the wallet were worth $20,138 in 2014. Since then, the value of the BTC in this wallet has skyrocketed to over $1.4 million at BTC’s current price.&nbsp;
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3>
<ul>
 <li style="font-weight: 400"><a href="https://insidebitcoins.com/news/meme-coins-surge-11-2-which-crypto-will-lead-the-next-pump-meme-games-has-an-answer-raises-over-350k-in-ico" rel="noopener noreferrer nofollow">Meme Coins Surge 11.2% – Which Crypto Will Lead The Next Pump? Meme Games Has An Answer, Raises Over $350K In ICO</a></li>
 <li style="font-weight: 400"><a href="https://www.linkedin.com/pulse/best-altcoins-invest-unveiling-top-picks-maximum-returns-calsona-9ceye/" rel="noopener noreferrer nofollow">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!</a></li>
 <li style="font-weight: 400"><a href="https://insidebitcoins.com/news/most-trending-cryptocurrencies-on-dextools-today-pooku-duckyduck-bluepepe" rel="noopener noreferrer nofollow">Most Trending Cryptocurrencies On DEXTools Today – Pooku, DuckyDuck, BluePEPE</a></li>
</ul>

Crypto Traders See $160 Million In Liquidations As Bitcoin Falls Below $58K

Table of Contents

Inside Bitcoins

Other articles published on Aug 12, 2024

Crypto Gems: Can NEAR, RNDR, AKT be The 3 Top Cryptos?

Crypto: $230 Million Ready to Flood the Market this Week

How BlackRock’s ETHA Outperforms Despite Ethereum ETFs’ Market Downturn

Do Kwon to be Extradited to South Korea: Montenegro Court Upholds Decision

Firo Guardian Program

DeFi Coins to Watch: 3 Altcoins That Could Skyrocket 10x

Join our free newsletter for daily crypto updates!