Bitcoin crashes over 6% to $58k before attempting recovery

Bitcoin (BTC) fell over 6% on Aug. 27 to a low of $57,880 earlier than marking a slight restoration.

Nearly all of the losses have been recorded in lower than an hour after Bitcoin misplaced the important thing $61,000 help stage and continued sliding till discovering a brand new ground.

As of press time, the flagship crypto was nonetheless down 6% over the previous 24 hours and buying and selling at $59,300 as bulls try a restoration, primarily based on CryptoSlate knowledge.

The broader market echoed the bleeding, with massive caps down considerably from the highs reached over the previous weekend.

Giant caps bleed

Ethereum (ETH) was hit the toughest in the course of the interval, falling nearly 10% on the day to a low of $2,388 earlier than bulls regained management. In the meantime, Solana (SOL) fell to a low of $145 earlier than notching a restoration.

As of press time, ETH and SOL have been buying and selling at $2,454 and $147 — down 8.6% and 6.5%, respectively, over the previous 24 hours. BNB fared barely higher and was down 3.6% as of press time and buying and selling at $529.

The remainder of the highest 10 have been all down between 5% and seven%, excluding TRON, which was down 2% as of press time.

In the meantime, Toncoin (TON) was buying and selling in opposition to the market and up 4.8% over the past 24 hours. Nevertheless, the coin is down 20% over the previous week following the arrest of Telegram founder and CEO Pavel Durov in France.

Liquidations

Over the previous 24 hours, the market skilled over $300 million in liquidations, with the bulk going down inside the previous 4 hours, primarily based on Coinglass knowledge.

Many of the liquidations have been lengthy positions, with roughly $193.16 million rekt over the past 4 hours. In the meantime, brief liquidations stood at $12.03 million over the identical interval.

Bitcoin lengthy liquidations accounted for $73.35 million of the quantity, whereas Ethereum lengthy liquidations amounted to $59.99 million. Solana’s lengthy liquidations stood at $8.9 million, rounding out the highest three.