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<p>If the previous week was a solid one for crypto traders, the current one is completely the opposite. It’s the beauty of being part of the crypto world.</p>
<p>The total market cap is down 6% today and is now below $2.1T. What’s even more concerning is that Bitcoin lost the crucial support and big psychological level at $60k. At press time, <a href="https://captainaltcoin.com/elite-crypto-trader-warns-of-bitcoin-crash-to-26k-despite-btcs-high-by-all-standards-performance/" target="_blank" rel="noopener noreferrer nofollow">the BTC price is down</a> 6% and trading around $59,300.</p>
<p>Ethereum holders are even less happy since ETH lost 8% today and is now trading below $2,500.</p>
<p>According to a report by LookOnChain, 87,405 traders were liquidated for $318.46M in the past 24 hours. A whale was liquidated for $12.67M on an ETH/BTC long position, while another whale was liquidated for $12.6M on a BTC long position.</p>
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   <p lang="en" dir="ltr">The price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> dropped by ~7% and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> dropped by ~10%!<br><br>87,405 traders were liquidated for $318.46M in the past 24 hours.<br><br>A whale was liquidated for $12.67M on an ETH/BTC long position.<br><br>Another whale was liquidated for $12.6M on a <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> long position.… <a href="https://t.co/9aObwOYjKv" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/9aObwOYjKv</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1828611076671578138?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 28, 2024</a>
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<p>This all happened around midnight European central time when the<a href="https://coinpedia.org/price-analysis/crypto-market-today-bitcoin-price-plunges-below-60000-circulating-bearish-waves-across-space-whats-next/" target="_blank" rel="noopener noreferrer nofollow"> BTC price actually plunged</a> from $62,000 to $58,200 before bouncing to current levels. So $58,200 now serves as a support level. Over $110,000,000 was liquidated from crypto markets in just 1 hour during this period.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/ton-network-is-back-following-7-hours-outage-heres-what-ton-users-should-know/" target="_blank" rel="noopener noreferrer nofollow">Ton Network Is Back Following 7+ Hours Outage – Here’s What TON Users Should Know</a></strong></em></p>
<h2 class="wp-block-heading" id="exchange-inflows-a-warning-sign">Exchange Inflows: A Warning Sign</h2>
<p>Crypto analyst Julian Moreno shared some interesting insights that could have tipped off traders that the downturn will happen. His analysis of Bitcoin inflows to spot exchanges revealed a telling pattern.</p>
<p>Just before the market crash, there was a spike in the amount of Bitcoin being moved to exchanges. This happened yesterday, right before prices started to tumble. It’s like watching a pressure cooker – as more Bitcoin poured into exchanges, the lid was bound to blow off eventually.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="909" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-909x1024.png" alt="" class="wp-image-548922" srcset="https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-909x1024.png 909w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-266x300.png 266w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-767x864.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-1364x1536.png 1364w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-1818x2048.png 1818w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-133x150.png 133w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-100x113.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-311x350.png 311w, https://captainaltcoin.com/wp-content/uploads/2024/08/image-861-788x887.png 788w" sizes="(max-width: 909px) 100vw, 909px">
 <figcaption class="wp-element-caption"><strong>Source: <a href="https://x.com/jjcmoreno/status/1828615631710695867" target="_blank" rel="noopener noreferrer nofollow">X/jjcmoreno</a></strong>
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<p>What’s particularly eye-opening is the breakdown of these inflows. Moreno’s data showed that a good chunk of this movement came from the big players – those holding between 1,000 and 10,000 BTC. When these “whales” start moving large amounts of crypto to exchanges, it’s often a sign they’re gearing up to sell.</p>
<p>This whale activity can create a ripple effect. As these large holders offload their Bitcoin, it can spook other investors, leading to a cascade of selling that drives prices down further. It’s a bit like watching dominoes fall – once the big pieces start moving, the rest often follow suit.</p>
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-37/" rel="noopener noreferrer nofollow">Why Is The Crypto Market Down Today?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is The Crypto Market Down Today?

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