Bitcoin falls to $57k as market bleeds amid fears of recession, war Bitcoin falls to $57k as market bleeds amid fears of recession, war
The flagship crypto has fallen more than 8% since the start of the weekend to $58,061 — the lowest price recorded in almost three weeks.
2 min read
Updated: Aug. 4, 2024 at 6:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) fell below key support levels as markets continued to bleed over the weekend due to fears of an impending global recession and escalating tensions in the Middle East.
The flagship crypto has fallen more than 8% since the start of the weekend to $57,040 — the lowest price recorded in almost three weeks.
BTC was trading at $57,718 as of press time, down over 4% over the past 24 hours, based on CryptoSlate data.
Altcoins bleed gains
Ethereum (ETH) fell to its lowest price level since April, falling over 6% over the past 24 hours to $2,613, before attempting a recovery.
The second largest crypto by market cap was trading at $2,745 as of press time, having reversed all of the gains from its run up to $3,400 in July after the launch of spot ETH exchange-traded funds.
Solana (SOL) saw one of the sharpest declines among the top ten, falling over 9% on Aug. 4 to a low of $131 before attempting a recovery.
Based on CryptoSlate data, SOL was trading at $133.6 and holding despite Bitcoin continuing its slide. BNB, Dogecoin (DOGE) and Avalanche (AVAX) saw similar declines, ranging between 6% to 7%, while Cardano (ADA) was down roughly 3%.
Meanwhile, Toncoin (TON) avoided the market rout and was trading at $5.86 as of press time, only down 0.03% over the last 24 hours. However, TON is down roughly 10% over the past week.
Despite attempts at recovery from key support levels, bulls have failed to stem the bleeding for now and the market is continuing to experience heavy sell pressure due to macroeconomic and geopolitical fears.
Longs rekt
The cryptocurrency market’s steep decline led to extensive liquidations of long positions, with bullish futures bets facing severe losses. Data indicates that a total of $282.83 million was liquidated over the past 24 hours, impacting 104,193 traders.
Long positions accounted for $248.57 million of these liquidations, with Ethereum and Bitcoin longs suffering the most, at $89.77 million and $72.26 million, respectively. Solana saw $17.52 million in liquidations.
Binance was the hardest-hit exchange, recording $84.42 million in total liquidations, predominantly from long positions. The largest single liquidation order occurred on OKX, involving a BTC-USDT swap valued at $8.81 million.
Bitcoin Market Data
At the time of press 6:47 pm UTC on Aug. 4, 2024, Bitcoin is ranked #1 by market cap and the price is down 5.2% over the past 24 hours. Bitcoin has a market capitalization of $1.14 trillion with a 24-hour trading volume of $29.25 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 6:47 pm UTC on Aug. 4, 2024, the total crypto market is valued at at $2.03 trillion with a 24-hour volume of $70.67 billion. Bitcoin dominance is currently at 55.92%. Learn more about the crypto market ›
Mentioned in this article
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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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,142.38
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$241.581
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.
Dogecoin
$0.38112
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Avalanche
$33.8980
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
TON
$5.42162
TON is a third-generation proof-of-stake blockchain designed in 2018 by the Durov brothers, the founders of Telegram Messenger.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.