Bitcoin Plummets: $500M Crypto Wipeout
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## Bitcoin Plummets: $500M Crypto Wipeout
The cryptocurrency market witnessed a significant decline on Friday, with Bitcoin (BTC) dropping below the $109,000 mark. This downturn had a ripple effect, bringing other major coins and tokens down with it. The drop in Bitcoin (BTC) prices was largely attributed to the release of new inflation data, which showed that core inflation ran at a 2.9% in July.
## Market Volatility
The personal consumption expenditures price index revealed that core inflation met estimates but came in higher than June. This news led to a decline in stocks, with the S&P 500 dipping 0.6% lower and the Nasdaq losing 0.9%. Bitcoin (BTC) and other cryptocurrencies have recently traded like U.S. equities, experiencing volatile price movements. According to some sources, the news about “Bitcoin Plummets: $500M Crypto Wipeout” has left many investors worried about the future of the market.
## Cryptocurrency Prices
Over the past 24 hours, Bitcoin (BTC) was down by close to 4%, while Ethereum (ETH) fell by 6%. The second-biggest coin, Ethereum (ETH), was trading for nearly $4,295. Other major coins like XRP also plunged, with the third-biggest cryptocurrency recently trading for $2.84 after dipping by 6%. Solana dropped by 3% to hit a price of $209, falling after a six-month high above $217 on Thursday.
## The Impact on Futures Traders
The drop in crypto prices has hurt futures traders who were longing digital coins and tokens, or betting on their prices to go up. Over the past 24 hours, $446 million in long positions have been liquidated across all cryptocurrencies. A total of $535 million across all positions, including shorts, have been liquidated. This significant liquidation highlights the blockchain industry’s volatility and the risks associated with trading cryptocurrencies.
## September: A Bad Month for Crypto?
September is typically a bad month for Bitcoin (BTC) and stocks. Analysts predict that a steeper sell-off could happen during the month. Despite this, Myriad Markets users still believe that Ethereum (ETH) will rebound and hit a new all-time high of $5,000 by the end of the year, giving that a 75% likelihood of happening.
## Broader Market Context
The recent decline in cryptocurrency prices can be seen as a reflection of the broader market’s volatility. As the global economy continues to navigate through uncertain times, investors are becoming increasingly cautious. The Bitcoin (BTC) and Ethereum (ETH) markets are not isolated from these trends, and their prices are likely to remain volatile in the coming months. From a retail investor perspective, it is essential to approach the cryptocurrency market with a long-term strategy, rather than making impulsive decisions based on short-term price movements. By doing so, investors can better navigate the market’s ups and downs and make more informed decisions about their investments.
## Key Data
The following are the key data points from the recent cryptocurrency market decline:
* Bitcoin (BTC) dropped below $109,000
* Ethereum (ETH) fell by 6% to $4,295
* XRP plunged by 6% to $2.84
* Solana dropped by 3% to $209
* $446 million in long positions were liquidated across all cryptocurrencies
* $535 million across all positions, including shorts, were liquidated
The cryptocurrency market’s recent decline serves as a reminder of its volatility and the importance of a well-thought-out investment strategy. As the market continues to evolve, it is crucial for investors to stay informed and adapt to changing trends and conditions.
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image source: decrypt.co