Bitcoin plummeted on August 20, dropping beneath $59,000 resulting from rising promoting stress, which led to huge liquidation within the cryptocurrency market.

The flagship cryptocurrency hit a weekly excessive of $61,400 earlier than plummeting greater than 3% in an hour, wiping out nearly all of its good points from the earlier buying and selling day.

At press time, Bitcoin was buying and selling at $59,000, in response to knowledge from nft-cryptocurrency.

Liquidation

The value drop triggered widespread liquidations throughout the cryptocurrency market, with greater than $50 million liquidated in a single hour, in response to knowledge from Coinglass.

In keeping with the liquidation warmth map, Bitcoin accounted for the most important quantity of liquidation with $1.84 million up to now 4 hours, whereas Ethereum (ETH) and Litecoin (LTC) additionally noticed notable liquidations of $396,130 and $178,470, respectively.

Most of those liquidations have been focused on main exchanges, with OKX main the best way with $27.29 million, adopted by Binance with $23.61 million. The majority of the liquidations up to now 4 hours have been from lengthy positions with $57.09 million liquidated, whereas quick positions have been $5.76 million liquidated.

In the meantime, whole liquidation quantity up to now 24 hours reached $135.32 million, affecting 46,264 merchants. The most important single liquidation order was recorded on Binance, the place $3.17 million price of BTCUSDT contracts was liquidated.

The market volatility and subsequent liquidations spotlight the dangers related to leveraged buying and selling within the cryptocurrency area. With Bitcoin and different digital belongings going through promoting stress, merchants are more likely to stay cautious and additional liquidations could happen if the bearish momentum continues.

Giant cap efficiency combined

Ethereum and Solana adopted Bitcoin's lead, with each shedding the day before today's good points throughout the previous few hours.

On the time of writing, ETH is buying and selling at $2,576 and SOL is buying and selling at $142.3.

In the meantime, BNB, Dogecoin and XRP managed to retain many of the good points from the day before today regardless of falling barely as Bitcoin fell.

On the time of writing, BNB is buying and selling at $569.4, up 3.81% from the day before today, DOGE is buying and selling at $0.102, up 3.37%, and XRP can also be up 1.35% up to now 24 hours, buying and selling at $0.59.

TON was the worst performing of the most important cryptocurrencies, with TON down 2.03% up to now 24 hours and buying and selling at $6.64 at press time.

TRON, ADA, and AVAX bucked the downward development and rose 7.83%, 2.92%, and 6.98% respectively up to now 24 hours.

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