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Bitcoin Plunges Under $60K; Crypto Bulls Lose $200M as Dogecoin, Solana Tokens Drop 10%
Crypto bulls lost nearly $200 million in the past 24 hours as the week’s sell-off worsened over the weekend.
Updated Aug 4, 2024, 3:18 p.m. Published Aug 4, 2024, 3:16 p.m.
- Bitcoin slumped under $60,000 in early U.S. hours Sunday as a market sell-off continued into its fourth day, with bullish futures bets losing nearly $200 million in the past 24 hours.
- Ether fell under $2,900, retracing all gains from its run to $3,400 in July as spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S.
Bitcoin slumped under $60,000 in early U.S. hours Sunday as a market sell-off continued into its fourth day, with bullish futures bets losing nearly $200 million in the past 24 hours.
BTC dropped 4% in the past 24 hours, CoinGecko data shows, reaching a three-week low to at $59,400. Among majors, Solana’s SOL and dropped more than 9%. BNB Chain’s BNB, and Cardano’s ADA fell at least 6%. fared relatively better with a 1.8% loss.
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Ether fell under $2,900, retracing all gains from its run to $3,400 in July as spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S. The products have recorded net outflows on six days out of nine days of trading, SoSoValue data shows, seeing $510 million in total net outflows since launch.
The broad-based CoinDesk 20 (CD20), a liquid index that tracks the largest tokens, minus stablecoins, fell 5.73%.
Bullish futures bets lost nearly $200 million, CoinGlass data shows, as more than 97,000 traders were liquidated in the past 24 hours on the sudden market movements. ETH longs led losses at $55 million, followed by bitcoin longs at $43 million, the data shows.
Some traders earlier cautioned of a possible BTC move to the $55,000 level, as reported on Friday, amid geopolitical tensions in the Middle East and dampened sentiment for risk assets such as technology stocks.
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- Galaxy Research, the research arm of Galaxy Digital (GLXY), says overlapping macroeconomic and market risks make bitcoin unusually difficult to forecast in 2026.
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