Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The flagship digital currency, Bitcoin, has lost over 7%, falling to $21,467, and Ethereum has fallen by 6.6%, trading at $1,726. The reasons for the plunge are not immediately clear.
BITCOIN FALLS 7.5% TO $21,467; ETHER DOWN 6.6% AT $1,726
— *Walter Bloomberg (@DeItaone) August 19, 2022
However, Bitcoin was pushed down to a three-week low after surpassing the $25,000 level for the first time in two months. BTC went down 7.5% to hit $21,467 briefly, but then it quickly recovered to the present level of $21,774.
Ethereum went down 6.6%, touching the low of $1,723. By now, ETH has recovered a bit of its losses, sitting at $1,741.
In the meantime, over half a billion in crypto has been liquidated over the past 24 hours. Aside from Bitcoin and Ethereum, lots of positions on Dogecoin, ADA and SOL were liquidated.
$550M liquidated in 24h pic.twitter.com/hFBW4B6hAx
— Lex Moskovski (@mskvsk) August 19, 2022
A total of $8.6 million in DOGE, $6.7 million in ADA, $203 million in Bitcoin and $137 million in Ethereum were liquidated.
Yuri MolchanAccording to chief analyst at AvaTrade and Forbes, Naeem Aslam, shares of crypto companies Coinbase, Marathon Digital and Riot Blockchain have plunged, following Bitcoin.
COINBASE DOWN 7.6%, MARATHON DIGITAL SLIDES 11.2%, RIOT BLOCKCHAIN SLUMPS 10.7% PREMARKET AS BITCOIN FALLS 6.4%
— Naeem Aslam (@NaeemAslam23) August 19, 2022
Alex Dovbnya
Dan Burgin
Vladislav Sopov