Cryptocurrencies suffered a severe impact upon entering August, with the market experiencing a massive sell-off! Bitcoin (BTC) briefly dropped below $113,000 this morning, reaching a low of $112,724 around 6:50, and has temporarily recovered to $113,460 at the time of writing, with a nearly 24-hour decline of 2.1%.
As the second-largest cryptocurrency, Ethereum experienced an even more dramatic decline, dropping to a low of $3,430 around 6:40 this morning, currently trading at $3,485, with a nearly 24-hour decline of 5.6%.
Led by Bitcoin and Ethereum's downturn, the overall cryptocurrency market also declined across the board. According to CoinGecko data, the total cryptocurrency market capitalization has dropped by 6.9% in the past 24 hours, with the total market value reaching $3.7 trillion.
Network-wide Liquidations Reach $1 Billion
According to Coinglass data, over the past 24 hours, impacted by the market decline, a total of 217,000 people were liquidated, with total liquidation amounts reaching $1 billion.
