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In summary
- Bitcoin’s price fell sharply to $55,746 on Tuesday evening, according to data from CoinGecko, coinciding with a drop in U.S. and Asian stock markets.
- Bitcoin’s plunge came after a disastrous day in the US stock market, with tech giant Nvidia dragging the Dow Jones Industrial Average down by a total of 600 points.
- Ethereum also fell more than 4% to $2,318, with other cryptocurrencies such as Solana (SOL), XRP and Dogecoin (DOGE) also seeing significant declines.
Bitcoin price dropped sharply to $55,746 on Tuesday evening, according to data from CoinGecko. This sudden drop occurred within the first hour of the opening of stock markets in Asia.
The drop follows a disastrous day in the US stock market, with tech giant Nvidia dragging the Dow Jones Industrial Average down 600 points. Across the Pacific, the Nikkei stock index started its day down 1,000 points from its previous close.
Bitcoin has seen a slight recovery, trading at $56,463 at the time of writing, down nearly 3% on the day.
Ethereum also fell by over 4% to $2,318. At the time of writing it is trading at $2,339, erasing the limited gains it had made since August 7.
The sudden drop echoed a similar crash at the same time last Tuesday, this time triggering a surge of $95 million in liquidations in one hour, the vast majority — $91 million — in long positions that had bet the asset would rise. It added to more than $169 million in long positions liquidated in the past 24 hours, according to CoinGlass.
Red candles were in abundance on Cryptocurrency charts, with Solana (SOL) down 6.4% on the day, trading at $125, XRP down 3.1% to $0.55, and Dogecoin (DOGE) down 5% to $0.094.
Meanwhile, the overall crypto slump on Tuesday only pushed Telegram-linked Toncoin (TON) further out of the top ten cryptocurrencies by market cap, falling below $5, hurt by the recent arrest of Telegram founder Pavel Durov and network outages. TON is down more than 8% on the day, trading at $4.78.
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