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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.
Cryptocurrencies suffered substantial losses as the U.S. business day came to a close, with bitcoin tumbling below $59,000 and Ethereum's ether 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 dropping 7% to $146 and trading down 4% to $0.56. Dogecoin and Tron were also down 6.5% and 2.25% respectively, trading at $0.098 and $0.158.
The Telegram-associated 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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Bitcoin Swings Wildly as Fed's Powell Straddles Labor Market and Inflation Issues
"Powell is threading the needle between their two mandates," said one analyst.
What to know:
- Crypto prices were volatile on Wednesday, erasing much of their gains following the Fed's rate cut earlier.
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