Bitcoin crashes over 6% to $58k before attempting recovery Bitcoin crashes over 6% to $58k before attempting recovery
The majority of the losses were recorded in less than an hour after Bitcoin lost the key $61,000 support level.
1 min read
Updated: Aug. 28, 2024 at 12:16 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) fell over 6% on Aug. 27 to a low of $57,880 before marking a slight recovery.
The majority of the losses were recorded in less than an hour after Bitcoin lost the key $61,000 support level and continued sliding until finding a new floor.
As of press time, the flagship crypto was still down 6% over the past 24 hours and trading at $59,300 as bulls attempt a recovery, based on CryptoSlate data.
The wider market echoed the bleeding, with large caps down significantly from the highs reached over the past weekend.
Large caps bleed
Ethereum (ETH) was hit the hardest during the period, falling almost 10% on the day to a low of $2,388 before bulls regained control. Meanwhile, Solana (SOL) fell to a low of $145 before notching a recovery.
As of press time, ETH and SOL were trading at $2,454 and $147 — down 8.6% and 6.5%, respectively, over the past 24 hours. BNB fared slightly better and was down 3.6% as of press time and trading at $529.
The rest of the top 10 were all down between 5% and 7%, with the exception of TRON, which was down 2% as of press time.
Meanwhile, Toncoin (TON) was trading against the market and up 4.8% over the last 24 hours. However, the coin is down 20% over the past week following the arrest of Telegram founder and CEO Pavel Durov in France.
Liquidations
Over the past 24 hours, the market experienced over $300 million in liquidations, with the majority taking place within the past four hours, based on Coinglass data.
Most of the liquidations were long positions, with roughly $193.16 million rekt over the last four hours. Meanwhile, short liquidations stood at $12.03 million over the same period.
Bitcoin long liquidations accounted for $73.35 million of the amount, while Ethereum long liquidations amounted to $59.99 million. Solana’s long liquidations stood at $8.9 million, rounding out the top three.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
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