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

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.

Mentioned
in
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article