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Bitcoin Price Falls Below $59K Amid Broad Market Rout; Ether Slumps Almost 10%
Bitcoin hit the lowest price since Aug. 19. It was not immediately clear what sparked the sell-off.
Updated Aug 27, 2024, 11:17 p.m. Published Aug 27, 2024, 10:56 p.m.
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Cryptocurrencies suffered substantial losses as the U.S. business day came to a close, with bitcoin tumbling below $59,000 and Ethereum's ether {{ETH}} losing almost 10%.
Bitcoin had topped $62,700 earlier in the day, but recently was down 6.5% from 24 hours earlier. Amid the rout, it got as low as $58,240, the lowest price since Aug. 19. Ether traded as high as $2,700 earlier Wednesday, but recently fetched less than $2,500.
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It was not immediately clear what sparked the sell-off. The sudden downturn triggered $313 million in liquidations of leveraged crypto derivatives positions over the past 24 hours, the biggest washout since Aug. 5 crash, CoinGlass data shows. ETH traders suffered over $100 million in liquidations, while BTC traders endured $95 million.
Other top-10 cryptocurrencies by market capitalization have seen similar declines, with BNB falling nearly 4% to $528, Solana's {{SOL}} dropping 7% to $146 and {{XRP}} trading down 4% to $0.56. Dogecoin and Tron {{TRX}} were also down 6.5% and 2.25% respectively, trading at $0.098 and $0.158.
The Telegram-associated {{TON}} token was actually up nearly 5% over the past 24 hours, after falling precipitously on the news that Telegram founder Pavel Durov had been arrested in France on various charges.
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Abu Dhabi wealth funds bitcoin ETF holdings topped $1 billion at end of 2025
Both Mubadala Investment Company and Al Warda Investments lifted investments in BlackRock's iShares Bitcoin ETF (IBIT) in the fourth quarter.
Що варто знати:
- Two major Abu Dhabi investment firms, Mubadala Investment Company and Al Warda Investments, increased their holdings of BlackRock’s iShares Bitcoin Trust (IBIT) in the fourth quarter of 2025 as bitcoin’s price fell.
- Mubadala lifted its IBIT stake to 12.7 million shares and Al Warda to 8.2 million shares.
- Together, they held a combined position that exceeded $1 billion at the end of 2025 but has since declined to just over $800 million amid further bitcoin losses in 2026.
