The crypto bloodbath continues as Bitcoin dipped below $54,000 with the rest of the market following its lead.
This week was really rough for the crypto market with the start of a major sell-off and most cryptocurrencies crashed to multi-month lows.
Bitcoin (BTC) in particular dipped to $53,700 and Ethereum (ETH) lost the $3,000 level.
The market’s total cap declined by 6.95% to $1.98 trillion, singaling a potentnial short to mid-term bearish scenario.
Panic selling began after the German government started selling large amounts of Bitcoin from their wallet. The Mt.Gox repayment plan and the expected sell-off also fueled investors’ fear.
In the past 24 hours liquidations peaked at $637,69 million with $540.51 million in longs and $97.29 million in short positions.
At the time of writing Bitcoin is trading at $54,400 and Ethereum is priced at around $2,870.
Last week Bitcoin and the wider crypto market experienced a significant down trend and this week might not be so different.
Three cryptocurrencies are set to release over $170 million in tokens this week, posing potential risks for traders with significant exposure.
Arthur Hayes has issued a new newsletter, advising investors to “buy the dip” and hold onto Bitcoin, arguing it’s the best way to safeguard wealth in uncertain times.
“Vitalik: An Ethereum Story,” a highly anticipated documentary, is set to premiere in September, offering an intimate portrayal of Vitalik Buterin, co-founder of the Ethereum blockchain, and the transformative evolution of his pioneering project.