Published:Sep 4, 2024, 11:20 AM EDT

The Weight of Bitcoin's Latest Freefall Pushes Crypto Market Below $2 Trillion

This article was published more than a month ago. Some information may no longer be current.

According to the latest stats, bitcoin (BTC) has taken a 2.5% dip against the U.S. dollar in the last 24 hours and is down 5.8% over the past week. The top cryptocurrency hit an intraday low of $55,602 per coin, and by Wednesday morning just before 11 a.m. EDT, it was just skimming above $57,400 per unit.

WRITTEN BY

Jamie Redman

Published: Sep 4, 2024, 11:20 AM EDT

The Weight of Bitcoin's Latest Freefall Pushes Crypto Market Below $2 Trillion

Nearly 67,000 Crypto Traders Liquidated as Bitcoin Stumbles to a Low of $55,602

Bitcoin (BTC) hasn’t had the smoothest ride lately, losing 5.8% this week. Still, its price is 13% higher than where it stood on Aug. 4, when it traded below the $55K mark. Currently, bitcoin’s market cap is sitting at $1.11 trillion, representing 56% of the entire crypto economy’s value. The broader crypto market wasn’t immune to bitcoin’s stumble, with the total crypto market value slipping under $2 trillion on Tuesday evening, now standing at $1.98 trillion on Wednesday.

Despite this, trading volume in the crypto world jumped by 36% in the last 24 hours, though it had been relatively quiet earlier. Out of the $70.23 billion exchanged, BTC made up $33.79 billion. At 10:30 a.m. EDT on Sept. 4, 2024, when bitcoin’s global average was hovering around $56,327, on South Korean platforms Upbit and Bithumb, a premium pushed it up to $57,172 per coin. On this particular Wednesday, the South Korean won was the fifth most-traded pair with BTC.

The most traded pair was tether (USDT), followed by the U.S. dollar, FDUSD, and USDC. Data from Coinglass.com reveals that $169.04 million in crypto derivatives positions were liquidated over the past 24 hours, with $136.81 million of that being long positions. Out of the total liquidations, bitcoin long positions accounted for $36.3 million, while ether’s long positions saw $28.75 million erased. The data also indicates that 66,713 traders faced liquidations between Sept. 3 and Sept. 4, 2024.

What do you think about bitcoin’s market action and the crypto economy slipping below $2 trillion on Wednesday? Share your thoughts and opinions about this subject in the comments section below.