Crypto Market Plunges Again, 68,800 Liquidated, Losses Exceed $177 Million

Crypto Market Plunges Again, 68,800 Liquidated, Losses Exceed $177 MillionOn August 12th, Beijing time, the cryptocurrency market suffered another major setback, with Bitcoin dropping below the $59,000 mark, hitting a new recent low. As of 4:28 PM, Bitcoin was down 4

Crypto Market Plunges Again, 68,800 Liquidated, Losses Exceed $177 Million

On August 12th, Beijing time, the cryptocurrency market suffered another major setback, with Bitcoin dropping below the $59,000 mark, hitting a new recent low. As of 4:28 PM, Bitcoin was down 4.06% in 24 hours, trading at $58,763 per coin. Other major cryptocurrencies also followed suit, with Ethereum falling below $2,600, and Dogecoin and Cardano both experiencing significant declines.

According to Coinglass data, the crypto market witnessed 68,800 liquidations over the past 24 hours, with a staggering total of $177 million (approximately 1.271 billion yuan) in losses. Of this, $130 million was attributed to long positions, while $42.869 million came from short positions.

This plunge may be linked to the recent outflow of funds from the crypto market. Last week, despite the global stock market's recovery, capital was quietly exiting the cryptocurrency sector. Data suggests that on August 9th, Bitcoin ETFs and Ethereum ETFs saw $89 million and $15.7 million in outflows, respectively.

Furthermore, the operating conditions of Bitcoin mining companies are also signaling uncertainty in the market outlook. A research report by Guotai Junan Securities indicates that in July, Bitcoin miners earned $950 million, representing a slight decline of 1.2%. At the same time, Bitcoin mining company Riot Platforms recorded a net loss of $84.4 million in Q2, with Bitcoin production falling by 52%.

The volatility of the cryptocurrency market has always been a defining characteristic, and this latest dive further underscores the inherent risks of this market. Investors should exercise caution, invest rationally, and avoid blindly following trends.

Here are the specific data points for this plunge:

• Bitcoin: Price down 4.06%, trading at $58,763 per coin

• Ethereum: Price fell below $2,600

• Dogecoin: Price declined

• Cardano: Price declined

• Number of liquidations: 68,800

• Total liquidation amount: $177 million (approximately 1.271 billion yuan)

Possible reasons behind this plunge include:

• Capital outflow: Funds have been leaving the crypto market recently.

• Poor performance of mining companies: Some Bitcoin mining companies have experienced losses and declining production.

• Overall market risk: The cryptocurrency market has always been characterized by high volatility.

Investors should pay attention to:

• Rational investment, avoid blindly following trends.

• Understanding the risks of the cryptocurrency market.

• Implementing risk control measures.

This plunge serves as another reminder to investors that the cryptocurrency market carries significant risks, and careful consideration is essential before investing.