Bitcoin prices have crashed again with a huge four-thousand-dollar dump from just over $62,000 to bottom out at $58,000 during late trading on Tuesday, Aug. 27.<\/p>\n
According <\/a>to Coinglass, 87,920 traders have been wrecked, with the total liquidations coming in at $320 million over the past 24 hours.<\/p>\n BTC<\/a> has since recovered marginally to trade at $59,600 at the time of writing, but crypto markets are deep in the red again as the asset fell back to support last hit on Aug. 19.<\/p>\n Total #crypto<\/a> market cap is down 7% to $2.17T today, as #Bitcoin<\/a> fell below the $60K level pic.twitter.com\/AHifMHOvA0<\/a><\/p>\n \u2014 CoinGecko (@coingecko) August 28, 2024<\/a><\/p>\n\n ITC Crypto founder Benjamin Cowen observed<\/a> that BTC has had another rejection of its bull market support band.<\/p>\n \u201cIf it follows the last cycle, the earliest this trend could durably change is *after* rate cuts,\u201d he added.<\/p>\n In a blog post<\/a> on Aug. 27, on-chain analyst James Check compared the current market structure to that from 2019.<\/p>\n \u201cThe similarities between the 2024 chopsolidation, and the one we experienced back in 2019 are strange and uncanny.\u201d<\/p>\n There was a three-month pump from $4,000 to $13,000 from April to June in 2019, followed by 16 months of sideways trading.<\/p>\n The three-month pump in 2024 saw BTC rise from $40,000 to $74,000 between January and March. A similar follow-up period could see this \u2018chopsolidation\u2019 continue until mid-2025.<\/p>\n Meanwhile, the ETF experts were perplexed about the panic selling.<\/p>\n \u201cBitcoin fearmongers might be worse than stock market fearmongers,\u201d commented<\/a> ETF Store president Nate Geraci, who also pointed out that BTC is up 40% year to date and outperforming the S&P 500 by over 20%.<\/p>\n Bloomberg ETF analyst Eric Balchunas was equally baffled<\/a>:<\/p>\n \u201cOk Einstein, If ETFs bought $18 billion of Bitcoin (almost as much as Satoshi), who in the hell is dumping?\u201d<\/p>\n Ethereum has been smashed more than 10% in a plunge from $2,700 to $2,400 within a day before recovering a little to $2,472 during the Wednesday morning Asian trading session.<\/p>\n The rest of the altcoins<\/a> were bleeding<\/a> as usual, with larger losses for Solana (SOL), Avalanche (AVAX), Near Protocol (NEAR), and Uniswap (UNI), among others.<\/p>\n Nevertheless, crypto trader Luke Martin saw it as a buying opportunity, saying altcoins are currently at the \u201csell your house to buy more\u201d level before adding:<\/p>\n \u201cLast time BTC was at this level was exactly 4 years ago in the summer of 2020 when the price went vertical from $10k to $60k over the next 6 months.\u201d<\/p>\n Altcoins currently at the “sell your house to buy more” level.<\/p>\n Last time $BTC<\/a> was at this level was exactly 4 years ago in the summer of 2020 when price went vertical from 10k to 60k over the next 6 months.<\/p>\n h\/t @CryptoKoryo<\/a> pic.twitter.com\/vwaGkGE1FA<\/a><\/p>\n \u2014 Luke Martin (@VentureCoinist) August 27, 2024<\/a><\/p>\n\n The post Crypto Rollercoaster: Bitcoin\u2019s $4,000 Price Dive Puzzles ETF Experts<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin prices have crashed again with a huge four-thousand-dollar dump from just over $62,000 to bottom out at $58,000 during late trading on Tuesday, Aug. 27. According to Coinglass, 87,920 traders have been wrecked, with the total liquidations coming in at $320 million over the past 24 hours. BTC has since recovered marginally to trade […]<\/p>\n","protected":false},"author":0,"featured_media":1553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1552"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1552"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1553"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Months of More Chopsolidation?<\/h2>\n
Altcoins Bleeding Again<\/h2>\n