{"id":350664,"date":"2023-08-17T09:45:32","date_gmt":"2023-08-17T08:45:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=350664"},"modified":"2023-08-17T09:24:55","modified_gmt":"2023-08-17T08:24:55","slug":"bitcoin-dips-below-29k-sparks-160m-liquidation-in-crypto-market","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-dips-below-29k-sparks-160m-liquidation-in-crypto-market\/","title":{"rendered":"Bitcoin dips below $29k sparking $160M liquidation in crypto market"},"content":{"rendered":"

Bitcoin's (BTC<\/a>) dip below $29,000 in early trading hours resulted in liquidations totaling around $160 million across the cryptocurrency market.<\/p>\n

Coinglass data<\/a> revealed $48 million in liquidation for investors holding positions in the flagship asset, primarily affecting long traders who incurred most of the losses.<\/p>\n

$160 million liquidated<\/span><\/span><\/h2>\n

In the last 24 hours, the cryptocurrency market witnessed a substantial liquidation of $158.12 million, with 54,608 traders liquidated.<\/p>\n

\"Bitcoin
Source: Coinglass<\/figcaption><\/figure>\n

According to Coinglass data, most losses were borne by long traders, who lost approximately $140 million. Bitcoin and Ethereum (ETH<\/a>) contributed significantly to this figure, accounting for a combined loss of $62.67 million. On the other hand, short traders recorded losses lesser than $20 million.<\/p>\n

Across exchanges, over 60% of the total liquidations were on OKX and Binance. During the reporting hours, traders on these exchanges lost more than $100 million. Other exchanges like Huobi, Deribit, and Bitmex also recorded a sizeable amount of the total liquidations.<\/p>\n

The single most significant liquidation occurred on Bitmex, with an XBTUSD position valued at $2.26 million.<\/p>\n

Bitcoin down to $28k<\/span><\/span><\/h2>\n

Earlier today, Bitcoin declined 2% to a multi-week low of $28,428 after trading above $29,000 for an extended period.<\/p>\n

CryptoSlate<\/em> Insights attributed<\/a> the drop-off to multiple macroeconomic factors, including the \u00a0U.S. treasury yields recording its highest close since June 2008 and the U.S. dollar index rising above 103. Per the report, these factors “create a challenging environment for Bitcoin” to thrive.<\/p>\n

Market analyst Willy Woo also shared similar observations in a recent post on X (formerly Twitter). Woo said<\/a>:<\/p>\n

“Macro headwinds from US dollar strength. Meanwhile there\u2019s increasing demand on futures market (pro traders) and on-chain fundamentals picking up.”<\/span><\/span><\/p><\/blockquote>\n

The abrupt price movement marks a notable shift from the relatively stable performance observed<\/a> last month. On Aug. 16, blockchain analytical firm Kaiko stated<\/a> that BTC's and ETH's 90-day volatility dropped to multi-year lows of 35% and 37% each, making them less volatile than oil at 41%.<\/p>\n

\"Bitcoin
Source: Kaiko<\/figcaption><\/figure>\n

Meanwhile, data from CryptoSlate<\/em> shows that all top 50 crypto assets, including\u00a0Ethereum and BNB<\/a>, saw losses during the reporting period as the broader market plunged 1.83%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s (BTC) dip below $29,000 in early trading hours resulted in liquidations totaling around $160 million across the cryptocurrency market. Coinglass data revealed $48 million in liquidation for investors holding positions in the flagship asset, primarily affecting long traders who incurred most of the losses. $160 million liquidated In the last 24 hours, the cryptocurrency […]<\/p>\n","protected":false},"author":720,"featured_media":350693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[76769],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin dips below $29k sparking $160M liquidation in crypto market<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) dropped below $29,000 for the first in an extended period, with long traders suffering losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-dips-below-29k-sparks-160m-liquidation-in-crypto-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin dips below $29k sparking $160M liquidation in crypto market\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) dropped below $29,000 for the first in an extended period, with long traders suffering losses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-dips-below-29k-sparks-160m-liquidation-in-crypto-market\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-17T08:45:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-17T08:24:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/bitcoin-red.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-dips-below-29k-sparks-160m-liquidation-in-crypto-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-dips-below-29k-sparks-160m-liquidation-in-crypto-market\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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