The cryptocurrency market has been experiencing a major downturn, with Bitcoin leading the way. In the past 24 hours alone, Bitcoin’s price has plummeted by 7.6%, bringing its total losses for the week to over 11%. This crash has also triggered a wave of liquidations worth more than $1 billion in leveraged positions, causing both short and long open interest to be wiped out. The market is now left in shambles.
But Bitcoin is not the only cryptocurrency suffering. The total market capitalization has dropped below $1.1 billion, losing over $130 million in just 24 hours. Ethereum is down by 10%, BNB by 9.7%, and Ripple’s XRP has crashed by nearly 20% in the past week. The ongoing legal battle between the SEC and Ripple Labs may have contributed to XRP’s decline, as the SEC recently received approval to file an interlocutory appeal.
The rest of the altcoins are also trading in the red, with only RUNE and TON showing gains among the top 100 cryptocurrencies. The declines range from 5% to 25%, painting a gloomy picture for the market.
Despite the overall market decline, there is a glimmer of hope. BitGo, a leading cryptocurrency custodian, has raised an impressive $100 million in funding, valuing the company at nearly $2 billion. This demonstrates significant institutional interest in the crypto space.
In summary, the cryptocurrency market is currently in a state of turmoil. The sentiment is uncertain, and it remains to be seen whether the market will reverse its decline or continue on this downward trend. However, the recent funding success of BitGo indicates that there is still optimism and potential for growth in the industry.
Market Data:
– Market Cap: $1.09B
– 24H Vol: $118B
– BTC Dominance: 46.4%
Current Prices:
– BTC: $26,075 (-11%)
– ETH: $1,664 (-10%)
– BNB: $217 (-9.7%)
This Week’s Crypto Headlines You Can’t Miss:
1. Ripple v. SEC Case Update August 18th: Important Clarifications
2. Bitcoin or Ethereum? DeFi Dev Explains Which Is Better For Building
3. Crypto Custodian BitGo Raises $100 Million in Series C Funding, Valued at $1.75 Billion
4. Bankrupt Crypto Entities Genesis and FTX Reach Agreement on $175 Million Claim
5. SHIB Team Announces Launch Of Shibarium Mainnet
6. Trump’s True Crypto Holdings Are Worth Millions, New Filings Show
For a detailed price analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Solana, click here.
(Note: The content provided is for informational purposes only and should not be considered as financial advice.)
