Crypto Market Plunges Again, 68,800 Liquidated, Losses Exceed $177 MillionOn August 12th, Beijing time, the cryptocurrency market suffered another major setback. Bitcoin fell below the $59,000 mark, dropping 4
Crypto Market Plunges Again, 68,800 Liquidated, Losses Exceed $177 Million
On August 12th, Beijing time, the cryptocurrency market suffered another major setback. Bitcoin fell below the $59,000 mark, dropping 4.06% to $58,763. Ethereum also dipped below $2,600, while other cryptocurrencies like Dogecoin and Cardano followed suit.
According to Coinglass data, over the past 24 hours, 68,800 traders were liquidated, with total losses reaching $177 million (approximately 1.271 billion yuan). This figure highlights the rapidly deteriorating market sentiment and the erosion of investor confidence.
It is worth noting that while global stock markets recovered last week, capital is stealthily withdrawing from the cryptocurrency market. Data shows that on August 9th, Bitcoin ETFs and Ethereum ETFs experienced outflows of $89 million and $15.7 million, respectively. This further confirms investors' worries about the future of the cryptocurrency market.
In addition, a research report by Guotai Junan Securities revealed that Bitcoin miners earned $950 million in July, a slight year-on-year decrease of 1.2%. Simultaneously, Bitcoin mining company Riot Platforms posted a net loss of $84.4 million in the second quarter, with Bitcoin production decreasing by 52%. These figures indicate that the weakness in the cryptocurrency market is spreading to various segments of the industry chain, significantly impacting miners' profitability.
The cryptocurrency market's plunge has once again sparked concerns about its future prospects and fueled discussions about its potential development path. Industry experts believe that the current cryptocurrency market faces multiple challenges, including regulatory uncertainty, volatile market sentiment, and technological risks. Only time will tell what the future holds for the cryptocurrency market.
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