Bitcoin Loses Footing as Price Slips Below $62K Threshold

Bitcoin took a tumble on Tuesday, hitting a low of $61,455 per coin after peaking at $65,103 just three days prior. The crypto market downturn resulted in a shake-up, with $20.28 million in bitcoin long positions and $40.29 million in ether longs being liquidated.

Crypto Market Stumbles: Bitcoin and Ethereum Face 2-3% Declines

On Tuesday, the global crypto market cap dipped by 1.83%, settling at $2.17 trillion. Bitcoin (BTC) experienced a drop from its intraday peak of $63,547 per coin to a low of $61,455 at 11 a.m. EDT. By 4 p.m., BTC managed to hover just below the $62,000 mark, marking a 2% decline against the U.S. dollar over the past day. Meanwhile, ethereum (ETH) faced a sharper decline, with its price slipping 3.7% to $2,583 per ether.

Among other cryptocurrencies in the top ten pack, SOL fell by 1.97%, XRP bucked the trend with a 2% gain, and DOGE shed 1% during the day. Outside the top ten, helium (HNT) emerged as the day’s top performer, rising 8%, while akash network (AKT) endured the steepest drop, losing 5.85%. As most coins trended downward, the crypto derivatives market saw $120.47 million in liquidations, primarily consisting of long positions.

Across the crypto landscape by 4 p.m., approximately $99.12 million in long positions were wiped out according to coinglass.com metrics. Of that total, $60.57 million in ETH and BTC long positions vanished. Over the past 24 hours, 47,003 traders faced liquidations. The largest single liquidation order occurred on Okx, involving an ETH trade worth $2 million.

The crypto economy is striving to regain stability after early August’s turbulence sent markets reeling. BTC and several other crypto assets began to rebound following U.S. Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium. Market watchers are now anticipating a rate cut at the upcoming Federal Open Market Committee (FOMC) meeting.

What do you think about the crypto market action on Tuesday? Share your thoughts and opinions about this subject in the comments section below.