Bitcoin has been falling since around 10 o'clock last night, from the $60,000 level. At the time of writing, the lowest price has reached $52,430, the biggest drop in nearly six months. At the time of writing, it is trading at $53,474, a drop of 11.9% in the past 24 hours.
CoinMarkeCap data shows that the other top ten tokens have generally fallen in the past 24 hours, with BNB seeing the largest drop of 16.05%. Others such as SOL, XRP, DOGE... have also seen drops of 10-15%.
The entire network has a liquidation of US$710 million in the past 24 hours
According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidations reached US$710 million, of which long positions were liquidated for US$620 million and short positions were liquidated for US$96.03 million. A total of 191,903 people were liquidated.
The Bitcoin market has also been affected by other factors recently. For example, the start of the compensation of Mt.Gox has brought some selling pressure, and the transfer activities of the Silk Road Bitcoin address managed by the US Department of Justice have also caused market concerns, especially the outflow of funds from the Ethereum spot ETF.
According to SoSoValue data, as of August 2, Eastern Time, the total net asset value of the Ethereum spot ETF was US$8.332 billion, and the historical cumulative net outflow has reached US$511 million.
It is worth noting that the fluctuation of Bitcoin prices also reflects the market's response to the macroeconomic situation. The market's response to interest rate cuts may not always be positive, especially in the current situation of great uncertainty in the global economy, when investors may be more cautious, leading to market volatility.
It should be noted that high-risk leveraged contract operations themselves have multiple risks, which are particularly evident when the market fluctuates violently. As Pan Helin said: "Price volatility risks are very common in the field of virtual currencies. In a market with a long-short balance,
When someone's position is liquidated, it also means that someone else is making a profit. Virtual currency is now more like a deep gaming asset. It has no intrinsic value, but investors or speculators will still flock to this type of roulette-like assets.
