Bitcoin, Ethereum hit monthly lows, leaving $200 million in liquidations

Yesterday’s small relief rally was quickly halted as the entire market turned red again. Bitcoin and Ethereum fell to monthly lows before recovering slightly.

This has led to roughly $200 million in liquidations for overleveraged traders, with the largest single position wiped out for nearly $3 million.

CryptoPotato reported minor price gains for most assets yesterday, which included BTC near $60,000 for the first time in days. ETH also performed well as it jumped to $2,550.

However, the picture has completely changed today, perhaps driven by fear in the US stock markets, as mentioned above.

Bitcoin was rejected before it even had a chance to break $60,000, but it went even further south today, dropping to $55,600 (on Bitstamp). The last time the asset was this low was during the early August crash.

Bitcoin/Price/Chart 04.09.2024. Source: TradingView

Ethereum lost more than $200 in a day, from almost $2,550 to $2,300. Despite regaining some ground and now trading at $2,370, the second largest crypto is still down 5.5% on the day.

The situation with altcoins is even more painful at times. TON, for example, has lost 8% in value, NEAR is down 7%, while ADA, SOL and AVAX are down 6%.

As a result, more than 73,000 overleveraged traders have been wiped out in the last day, with the total value of liquidated positions approaching $200 million, according to CoinGlass.

The largest took place on Binance and was worth almost $3 million. It involved the ETH-USDT trading pair.

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