Bitcoin and Ethereum fall over 6%, crypto shares follow suit
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.
According to chief analyst at AvaTrade and Forbes, Naeem Aslam, 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