As the U.S. trading day concluded, cryptocurrencies faced substantial declines. Bitcoin (BTC) fell below $59,000, and Ethereum's ether (ETH) dropped by nearly 10%.
Bitcoin and Ethereum Price Movements
Earlier in the day, Bitcoin had surged past $62,700, but it has since decreased by 6.5% within the past 24 hours. The cryptocurrency's value plummeted to as low as $58,240, marking its lowest point since August 19. Meanwhile, Ethereum's ether, which had reached $2,700 earlier, recently traded below $2,500.
Reasons for the Sell-Off and Liquidations
The cause of the sudden downturn remains unclear. The sell-off led to $313 million in liquidations of leveraged crypto derivative positions over the last day, the largest washout since the crash on August 5, according to CoinGlass data. Ether traders faced over $100 million in liquidations, while Bitcoin traders saw $95 million in liquidations.
Performance of Other Major Cryptocurrencies
Other top-10 cryptocurrencies by market capitalization also experienced declines. BNB (Binance Coin) fell nearly 4% to $528, Solana (SOL) decreased by 7% to $146, and XRP dropped 4% to $0.56. Dogecoin (DOGE) and Tron (TRX) also saw declines, with DOGE down 6.5% to $0.098 and TRX falling 2.25% to $0.158.
Telegram's (TON) Token Performance
In contrast, the Telegram-associated (TON) token rose nearly 5% over the past 24 hours. This uptick followed a significant drop due to news of Telegram founder Pavel Durov's arrest in France on multiple charges.
Inputs by Agencies
Image Source: Multiple Agencies
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