Crypto Liquidations Top $500 Million as Bitcoin, Ethereum and XRP Sink Into the Weekend
Bitcoin fell below $109,000, trading at $108,617, marking its lowest level since early July, with a 4% drop in 24 hours and an 8% decline over the past month. It is currently 12% below its all-time high of $124,128. Ethereum also decreased by 6% to nearly $4,295, down about 13% from its recent record of $4,946. The decline in cryptocurrency prices led to $446 million in long positions liquidated in the last 24 hours. XRP dropped by 6% to $2.84, while Solana fell by 3% to $209. The dip coincided with a report showing core inflation at 2.9% in July. Stocks also declined, with the S&P 500 down 0.6% and the Nasdaq down 0.9%. Analysts suggest a potential steeper sell-off in September, typically a challenging month for both Bitcoin and stocks. Despite Ethereum's drop, users believe it has a 75% chance of reaching $5,000 by year-end.
