Summary:
- Bitcoin’s price fell 5% to $58,969.65, and Ether dropped over 3% to $2,503.63.
- Glassnode reports a slowdown in net capital inflows into Bitcoin.
- Over $170 million in long-position liquidations occurred within an hour.
- Solana (SOL) dropped more than 6%, and other altcoins saw declines.
- Most altcoins, including Fantom, Sui, and Lido DAO, experienced double-digit losses on August 28.
On Wednesday, the cryptocurrency market saw a significant downturn as investors braced for Nvidia’s upcoming earnings report and responded to a spike in liquidations.
Bitcoin’s price dropped by 5%, settling at $58,969.65, while Ether fell by more than 3% to $2,503.63, according to data from Coin Metrics.
In its latest analysis, Glassnode noted that net capital inflows into Bitcoin have slowed down in recent months. This trend reflects a balance between investors taking profits and those realizing losses, with the net realized profit/loss now at over $15 million per day—far lower than the $3.6 billion per day inflows seen when Bitcoin reached its $73,000 all-time high in March.
The abrupt price decline led to over $170 million in long-position liquidations within just one hour, as reported by CoinGlass. Bitcoin and Ether investors were the most affected, with $65 million and $52 million in long positions liquidated, respectively.
Solana (SOL) was also hit hard, with its price falling by more than 6% to $141 during Thursday morning in Asia. Other tokens, such as XRP and Dogecoin (DOGE), saw dips of more than 5% over 24 hours on Tuesday.
On August 28, most altcoins, including Fantom, Sui, FET, and Lido DAO, posted double-digit losses, while Bitcoin, the largest cryptocurrency, dropped by 6% over the past day. This series of declines highlights the volatility of the market as it reacts to both macroeconomic factors and industry-specific developments.
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