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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.