Bitcoin

<p>Bitcoin has just suffered a stunning setback, causing a shockwave in the markets. In just a few hours, the price of BTC plunged by 5%, triggering a cascade of liquidations. This correction wiped out more than 192 million dollars in long positions.</p>
<h2 id="h-une-correction-violente-qui-secoue-le-marche">A violent correction shaking the market</h2>
<p>The <a href="https://www.cointribune.com/en/?p=722515" target="_blank" rel="noopener noreferrer nofollow">crypto market</a> is experiencing another major shock. Bitcoin, the spearhead of the sector, has abruptly dropped by 5% in just a few hours, causing a wave of liquidations and considerable losses for many investors.</p>
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<p>On the Bybit platform, no less than 10,000 BTC in open interest were liquidated, with a total value of 192.90 million dollars.</p>
<p>This <a href="https://thecryptobasic.com/2024/08/28/bitcoin-drops-5-wiping-out-192-90m-in-longs-as-liquidations-surge/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=bitcoin-drops-5-wiping-out-192-90m-in-longs-as-liquidations-surge" target="_blank" rel="noopener noreferrer nofollow">correction</a> spared no other markets. Binance, the sector leader, recorded 4.06 million dollars in closed positions during the same period. Facing this increased volatility, CoinGlass, an on-chain analysis specialist, called for caution, urging traders to reduce their leverage.</p>
<p>The scale of the decline is also reflected in the technical indicators. The accumulated volume delta (CVD) shows overwhelming seller dominance, with a dramatic drop to 10,211.</p>
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<h2 id="h-le-sentiment-baissier-du-bitcoin-se-propage">The bearish sentiment of Bitcoin spreads</h2>
<p>Bitcoin’s correction had a domino effect on the entire crypto market. <a href="https://www.cointribune.com/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>, the second-largest capitalization in the sector, fell by nearly 10%. According to data from Lookonchain, a total of 87,405 traders saw their positions liquidated, with a total amount of 318.46 million dollars.</p>
<p>Among the most notable victims of this correction was a “whale” who lost 12.67 million dollars on a long ETH/BTC position. Another suffered a loss of 12.6 million dollars on Bitcoin.</p>
<p>Slightly negative funding rates (-0.0003) also reflect this widespread bearish sentiment. In this configuration, short sellers pay long positions, a characteristic phenomenon of <a href="https://www.cointribune.com/en/crypto-market-in-decline-ethereum-pays-the-price-analysis-from-august-7-2024/" target="_blank" rel="noopener noreferrer nofollow">bear markets</a>.</p>

Carnage on Bitcoin: Thousands of long Positions Liquidated!

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