📉 Bitcoin crashes over 6% to $58k before attempting recovery

Bitcoin (BTC) fell over 6% on Aug. 27 to a low of $57,880 before marking a slight recovery.

The majority of the losses were recorded in less than an hour after Bitcoin lost the key $61,000 support level and continued sliding until finding a new floor.

As of press time, the flagship crypto was still down 6% over the past 24 hours and trading at $59,300 as bulls attempt a recovery, based on CryptoSlate data.

The wider market echoed the bleeding, with large caps down significantly from the highs reached over the past weekend.

🔸 Large caps bleed

Ethereum (ETH) was hit the hardest during the period, falling almost 10% on the day to a low of $2,388 before bulls regained control. Meanwhile, Solana (SOL) fell to a low of $145 before notching a recovery.

As of press time, ETH and SOL were trading at $2,454 and $147 — down 8.6% and 6.5%, respectively, over the past 24 hours. BNB fared slightly better and was down 3.6% as of press time and trading at $529.

The rest of the top 10 were all down between 5% and 7%, with the exception of TRON, which was down 2% as of press time.

Meanwhile, Toncoin (TON) was trading against the market and up 4.8% over the last 24 hours. However, the coin is down 20% over the past week following the arrest of Telegram founder and CEO Pavel Durov in France.

🔸 Liquidations

Over the past 24 hours, the market experienced over $300 million in liquidations, with the majority taking place within the past four hours, based on Coinglass data.

Most of the liquidations were long positions, with roughly $193.16 million rekt over the last four hours. Meanwhile, short liquidations stood at $12.03 million over the same period.

Bitcoin long liquidations accounted for $73.35 million of the amount, while Ethereum long liquidations amounted to $59.99 million. Solana’s long liquidations stood at $8.9 million, rounding out the top three.