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In summary
- Bitcoin price fell below $59,000 on Tuesday evening, hitting lows not seen in more than a week, followed by Ethereum, which fell below $2,500.
- The drop triggered liquidations of long positions of over $170 million in one hour, affecting mainly BTC and ETH investors.
- Bitcoin had surged above $63,000 on Friday following comments from Jerome Powell, but the price stumbled before the latest drop.
Bitcoin price fell below $59,000 on Tuesday evening, according to data from CoinGecko, hitting lows not seen in a week. The more than 3% drop was followed by Ethereum, which fell below $2,500.
The sudden price drop triggered liquidations of long positions in a single hour of over $170 million, according to CoinGlass, affecting investors who were betting on rising asset prices. Those liquidations were dominated by BTC and ETH investors, with $65 million and $52 million worth of long positions liquidated, respectively.
Bitcoin had seen a solid rise above $63,000 on Friday, following comments from US Federal Reserve Chairman Jerome Powell signaling a rate cut next month. But BTC price stumbled yesterday, before the latest drop.
Solana (SOL) price is also down more than 6% on the day, to $147. Tokens like XRP and Dogecoin (DOGE) also saw declines on Tuesday of more than 5% in 24 hours.
However, there does not appear to be a specific trigger for the rapid turnaround as US stock markets closed Tuesday with mostly flat trading during the day.
Some analysts have noted that Bitcoin’s recent price movements have reached an “equilibrium.” A recent report from Cryptocurrency analytics platform CoinGlass suggests that this equilibrium could precede a period of “intensified volatility.”
Meanwhile, in its latest report, Fairlead Strategies warned of a “seasonally weak period in September.” The firm uses technical analysis for its forecasts and suggested that “another two months of corrective price action” are ahead.
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