A new wave of cryptocurrency decline is taking place in the market right at the middle of the week as more investors are liquidating their assets after a supposed climb meant to restore its previous standings. Top cryptos in the market including Bitcoin, Ethereum, BNB, Solana, Dogecoin, and more are feeling this sudden drop amidst a promising rally as August's last week started.
Still, Toncoin remains as the biggest loser among the top ten cryptocurrencies in the market following its founder's recent arrest.
Crypto Decline Continues as Liquidations Take Place on Bybit and More
(Photo : JUSTIN TALLIS/AFP via Getty Images)
CNBC reported that cryptocurrency's declines are now seeing an extension at the middle of August's last week, as many investors are now pulling out their assets and holdings on platforms like Bybit and more. It was regarded by Steven Lubka of Swan Bitcoin that this was triggered by Ethereum's "material drop," leading to many investors joining the "leverage-driven liquidations."
It was also added by the report that Asia futures are now lower, another reason behind these liquidations. CoinGlass said that as much as $93.52 million worth of Ether has been liquidated in the futures market.
Top Cryptocurrencies Gravely Affected by Bearish Climate
Based on CoinMarketCap's charts, the top crypto, Bitcoin, is now back to playing around $59,000 from its $60,000 valuation, down by as much as 3.92 percent in the last 24 hours. It is followed by Ether's dwindling valuation at $2,531.82 seeing a 3.75 percent drop over the past day.
Another massive fallout was from Solana which is down by 4.41 percent, Dogecoin with a 2.84 percent decline, and BNB with a 1.15 percent drop all in the past 24 hours.
Cryptocurrency and its Mid-Year Uncertainties
The first half of 2024 was a promising time for the cryptocurrency industry as it saw a massive climb and good performances of different coins in the market, alongside Bitcoin's all-time high record of $72,000 valuation.
However, not the same can be said for late June and the start of 2024's second half, as it saw Bitcoin crash to $53,000 from its $62,000 valuation during the same week. This move was gravely felt by the entire industry and brought the market down to its knees, triggered by Mt. Gox's monumental repayments.
Still, this was not the end of the sour performance of cryptocurrencies in the market. Despite a rebounding performance to close out July, August followed up with the renowned stock market crash which also affected cryptocurrencies.
It was reported that investors became bearish after the stock market's unprecedented decline which led to many liquidating their crypto assets which triggered a plummet for the industry. With this, the entire crypto industry lost as much as $528 billion collectively, with many investors appalled by these events.
August remains one of 2024's darkest months for crypto, and it is not over yet, with the industry seeing back-and-forth figures in its charts, leading to yet another decline in the middle of August's last week.
