Bitcoin falls to $57k as market bleeds amid fears of recession, war

Bitcoin (BTC) fell beneath cardinal enactment levels arsenic markets continued to bleed implicit the play owed to fears of an impending planetary recession and escalating tensions successful the Middle East.

The flagship crypto has fallen much than 8% since the commencement of the play to $57,040 —  the lowest terms recorded successful astir 3 weeks.

BTC was trading astatine $57,718 arsenic of property time, down implicit 4% implicit the past 24 hours, based connected CryptoSlate data.

Altcoins bleed gains

Ethereum (ETH) fell to its lowest terms level since April, falling implicit 6% implicit the past 24 hours to $2,613, earlier attempting a recovery.

The 2nd largest crypto by marketplace headdress was trading astatine $2,745 arsenic of property time, having reversed each of the gains from its tally up to $3,400 successful July aft the motorboat of spot ETH exchange-traded funds.

Solana (SOL) saw 1 of the sharpest declines among the apical ten, falling implicit 9% connected Aug. 4 to a debased of $131 earlier attempting a recovery.

Based connected CryptoSlate data, SOL was trading astatine $133.6 and holding contempt Bitcoin continuing its slide. BNB, Dogecoin (DOGE) and Avalanche (AVAX) saw akin declines, ranging betwixt 6% to 7%, portion Cardano (ADA) was down astir 3%.

Meanwhile, Toncoin (TON) avoided the marketplace rout and was trading astatine $5.86 arsenic of property time, lone down 0.03% implicit the past 24 hours. However, TON is down astir 10% implicit the past week.

Despite attempts astatine betterment from cardinal enactment levels, bulls person failed to stem the bleeding for present and the marketplace is continuing to acquisition dense merchantability unit owed to macroeconomic and geopolitical fears.

Longs rekt

The cryptocurrency market’s steep diminution led to extended liquidations of agelong positions, with bullish futures bets facing terrible losses. Data indicates that a full of $282.83 cardinal was liquidated implicit the past 24 hours, impacting 104,193 traders.

Long positions accounted for $248.57 cardinal of these liquidations, with Ethereum and Bitcoin longs suffering the most, astatine $89.77 cardinal and $72.26 million, respectively. Solana saw $17.52 cardinal successful liquidations.

Binance was the hardest-hit exchange, signaling $84.42 cardinal successful full liquidations, predominantly from agelong positions. The largest azygous liquidation bid occurred connected OKX, involving a BTC-USDT swap valued astatine $8.81 million.

The station Bitcoin falls to $57k arsenic marketplace bleeds amid fears of recession, war appeared archetypal connected CryptoSlate.