Bitcoin

<p>The bears appear to be having none of it. The cryptocurrency market has retraced in the last hour, triggering over $100 million in liquidations and erasing most of the gains from earlier today.</p>
<h2 id="bitcoin-s-price-tanks-to-59k">Bitcoin’s Price Tanks to $59K</h2>
<p>As&nbsp;<em>CryptoPotato&nbsp;</em><a href="https://cryptopotato.com/bitcoin-tapped-6-day-high-above-61k-ripple-jumps-6-daily-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> earlier today, the BTC price charted a six-day high in the morning, tapping above $61K. This sparked hopes that the bulls may be regaining their ground, but it appears that this is not the case.</p>
<p>As seen in the chart below, it took the sellers a few hours but they regrouped and managed to invoke two subsequent aggressive red candles, pushing the price toward $59K – pretty much where it was before today’s rally.</p>
<figure id="attachment_354961" aria-describedby="caption-attachment-354961" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-354961" src="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45.png" alt="" width="2648" height="1594" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45.png 2648w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45-300x181.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45-1024x616.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45-768x462.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45-1536x925.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45-2048x1233.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-20_18-31-45-50x30.png 50w" sizes="(max-width: 2648px) 100vw, 2648px"></a>
 <figcaption id="caption-attachment-354961" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<p>The move <a href="https://www.coinglass.com/LiquidationData" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">triggered</a> many liquidated leveraged positions. Approximately $130M was wiped out in the past 24 hours, almost half of it in the past two hours.</p>
<h2 id="broader-crypto-market-declines-too">Broader Crypto Market Declines Too</h2>
<p>The abrupt crash wasn’t limited to BTC. The entirety of the market is in the red for the past hour, with most of the cryptocurrencies trading close to breakeven for the day.</p>
<figure id="attachment_354965" aria-describedby="caption-attachment-354965" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-354965" src="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31.png" alt="" width="3336" height="1540" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31.png 3336w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31-300x138.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31-1024x473.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31-768x355.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31-1536x709.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31-2048x945.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-18.40.31-50x23.png 50w" sizes="(max-width: 3336px) 100vw, 3336px"></a>
 <figcaption id="caption-attachment-354965" class="wp-caption-text">
  Source: Quantify Crypto
 </figcaption>
</figure>
<p>It remains to be seen what the reason for the sudden move was, as there are no obvious causes at the time of this writing.</p>
<p>As we&nbsp;<a href="https://cryptopotato.com/worrying-sign-6-month-trading-volume-low-for-the-us-bitcoin-etfs/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> earlier, spot Bitcoin exchange-traded funds saw their lowest trading volume in six months, signaling a lack of appetite for the product.</p>
<p>The post <a href="https://cryptopotato.com/bitcoin-nukes-2k-in-minutes-as-crypto-markets-withdraw/" rel="noopener noreferrer nofollow">Bitcoin Nukes $2K in Minutes as Crypto Markets Withdraw</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Nukes $2K in Minutes as Crypto Markets Withdraw

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