In the last 24 hours, crypto bulls have lost almost $300 million as the market sells off even more. Today, Bitcoin fell below $60,000 and hit a three-week low of $57,500.
Some majors, like Solana’s SOL, Dogecoin (DOGE), BNB Chain’s BNB, xRP (XRP), Cardano’s ADA, and Toncoin (TON), also lost value. Ethereum (ETH) dropped below $2,900, giving back all the money it made during its run to $3,400 in July.
It is a liquid index that tracks the biggest tokens, minus stablecoins. Futures bets that were bullish lost almost $300 million, and over 97,000 traders have lost all of their money in the last 24 hours because of quick market changes.
Long positions in ETH lost the most money, $55 million. Long positions in Bitcoin lost $43 million. Some traders said that global tensions in the Middle East could cause Bitcoin to move to $55,000. This would make people less likely to buy risky assets like technology stocks.
