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Ultima Markets wants to make it clear that we are duly licensed and authorised to offer the services and financial derivative products listed on our website. Individuals accessing this website and registering a trading account do so entirely of their own volition and without prior solicitation.

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Crypto Slide: Bitcoin Drops 5%, Ethereum Sinks Over 8%

UM Editor

August 28, 2024 at 11:28 am

On Tuesday, according to the data from Arkham Intelligence, 30,000 BTC worth of $1.88 billion at current prices was transferred to the world’s largest crypto exchange, Binance. Such significant transfers to an exchange often raise concerns among market participants as there is a potential intention to sell, which can drive prices lower. Consequently, Bitcoin declined by 5.45%, closing at $59,427.

(BTCUSD Daily Price Chart, Sources from Trading View)

In addition, Ethereum was affected by the bearish movement of Bitcoin, slumped 8.3% to close at $2,458. The sharp downturn led to $313 million in liquidations of leveraged crypto derivatives positions over the past 24 hours, with BTC traders incurring $95 million and ETH traders suffering over $100 million in losses.

(ETHUSD Daily Price Chart, Sources from Trading View)

August, usually a calm month for crypto and other risk assets, has been unusually volatile this year. Despite this, Bitcoin remains up 39% for the year, while Ethereum has managed a more modest gain of 7%. While markets may buy the dip on Bitcoin, Ethereum could continue to face challenges until investors find a renewed sense of optimism for the asset.

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.

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