Public cryptocurrency price tracking websites such as CoinMarketCap or CoinGecko

Cryptocurrency Market Plummets as Bitcoin Falls 6.4% to $58,777

Aug 27, 2024, 10:40 PM

The cryptocurrency market experienced a significant downturn, with Bitcoin falling 6.4% to $58,777 and Ethereum dropping to $2,439. Over $160 million in long positions were liquidated within an hour, contributing to the market's decline. Bitcoin's price fell below the $60,000 mark, a notable drop from its previous levels, as part of a broader market retreat affecting other major cryptocurrencies like Solana and Binance Coin. Bitcoin briefly reached $58,981 before settling lower. The rapid decline saw $57 million worth of Bitcoin long positions liquidated in just 45 minutes, highlighting the volatility in the market. Overall, cryptocurrencies fell between 6-10% in a short period.