Bitcoin Crashes Below $63,000 – The Whole Crypto Market is Bleeding

On Thursday (August 1), the price of Bitcoin dropped below $63,000 at the time of writing after managing to stay above $64,000 all day.

Over the past 24 hours, the value of Bitcoin has dropped 5.1%, trading around $62,950 at the time of writing, after fallen to a low of $63,700 early this morning on Binance.

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The decline in BTC’s price dragged down other cryptocurrencies as well.

Ethereum, for example, also lost just over 5.3% over the past day, trading at $3,130 as of 15:38 p.m. (UTC), as the excitement surrounding the approval of the ETH spot exchange-traded fund partially subsided.

Other of the larger cryptocurrencies such as SOL, ADA and XRP fell 9%, 6% and 9.5% respectively. In the realm of meme coins, SHIB and DOGE each lost between 6% and 8%.

The total crypto market cap dropped by 5.28% to $2.26 trillion.

In the past 24 hours $289.14 million were liquidated from the crypto market ($265.54 million in long positions and $23.59 million in shorts).

Alexander Stefanov