Ethereum

Cryptocurrency

Bitcoin ETF

Bitcoin

Million

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-liquidations/" data-wpel-link="internal">Cryptocurrency Market Faces Significant Liquidations</a><br></p>
<p style="text-align: justify"><strong>Bitcoin</strong> and Ethereum’s recent declines created a storm in the cryptocurrency world. These drops, resulting in $250 million in liquidations, caused significant losses, especially in long positions. This occurred during a broad decline in the US market, with the Nasdaq Composite falling by 3.65%. Many investors who believed cryptocurrency prices would continue to rise were caught off guard.</p> 
<h2 style="text-align: justify" id="250-million-in-liquidations">$250 Million in Liquidations</h2> 
<p style="text-align: justify">In the last 24 hours, $220.7 million worth of long positions were liquidated in the crypto market, while $32 million worth of short positions were closed. Ethereum led the liquidations with $17.5 million, followed by Bitcoin with $14.8 million.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-373675 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-22.png" alt="" width="638" height="371"></p> 
<p style="text-align: justify">According to CoinGecko data, Ethereum’s price dropped by about 8% to trade around $3,177, while Bitcoin fell by 2.5% to approximately $64,220. This sharp decline occurred during a period when major tech companies also experienced significant losses.</p> 
<h2 style="text-align: justify" id="what-did-analysts-say-about-the-decline">What Did Analysts Say About the Decline?</h2> 
<p style="text-align: justify">Analysts note that Bitcoin’s performance is often linked to tech stocks and other market trends. Contributing factors include political developments in Washington D.C. and optimistic expectations regarding spot <strong>Ethereum</strong> ETFs in the US.</p> 
<p style="text-align: justify">President Joe Biden’s decision to withdraw from the US presidential race created a potential opportunity for Democrats to regain the support of the cryptocurrency community. Experts like Jake Chervinsky and groups like CIFonX suggest that a shift in the party’s stance on crypto and Blockchain policies could capitalize on this moment.</p> 
<h2 style="text-align: justify" id="what-are-the-long-term-expectations">What Are the Long-Term Expectations?</h2> 
<p style="text-align: justify">Despite short-term disruptions, some analysts remain optimistic about the long-term prospects of cryptocurrencies. For example, Singapore-based crypto firm <strong>QCP Capital</strong> maintains a positive outlook for Ethereum.</p> 
<p style="text-align: justify">They cite the launch of the Bitcoin ETF and Bitcoin reaching an all-time high two months later as a positive precedent. The firm believes that institutional interest in Ethereum will continue, potentially driving its price to previous all-time highs.</p> 
<h2 style="text-align: justify" id="broad-sell-off-in-the-tech-sector">Broad Sell-Off in the Tech Sector</h2> 
<p style="text-align: justify">The broad sell-off in the tech sector was triggered by earnings reports from major companies like Alphabet. These reports revealed higher-than-expected capital expenditures, leading to a drop of over 5% in Alphabet’s shares.</p> 
<p style="text-align: justify">Other tech giants like Tesla and Nvidia also experienced significant declines; <strong>Tesla</strong> fell by more than 12%, and Nvidia lost 6.8% in value. Nvidia had previously surpassed a market value of $3 trillion due to intense interest in <a href="https://newslinker.co/what-is-artificial-intelligence-ai/" target="_blank" rel="noopener" data-wpel-link="exclude">artificial intelligence</a>. However, its value has now dropped to $2.81 trillion amid the market correction.</p> 
<p style="text-align: justify">Overall, the recent downturn in the <a href="https://en.coin-turk.com/investors-react-to-bitcoin-and-gold-price-drops/" data-wpel-link="internal">cryptocurrency market</a> highlights the interconnectedness between cryptocurrencies and broader <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">financial markets</a>. While short-term volatility has affected investors, the long-term outlook remains positive, especially as institutional interest continues to grow.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-liquidations/" data-wpel-link="internal">Cryptocurrency Market Faces Significant Liquidations</a></h5>
<p>The post <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-liquidations/" data-wpel-link="internal">Cryptocurrency Market Faces Significant Liquidations</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Cryptocurrency Market Faces Significant Liquidations

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