search
Homeweb3.0Top Reasons Why the Crypto Market Dumped Today

Top Reasons Why the Crypto Market Dumped Today

Aug 28, 2024 pm 03:51 PM
Crypto market Liquidation Key Factors

The total crypto market cap dumped 7 percent in the past 24 hours to hover around $2.17 trillion on Wednesday, August 28, during the early Asian session.

Top Reasons Why the Crypto Market Dumped Today

Crypto Market Cap Today: Top Updates

The total crypto market cap experienced a 7 percent decrease over the past 24 hours, bringing it to around $2.17 trillion on Wednesday, August 28, during the early Asian session.

Bitcoin price faced significant bearish pressure after closing the market on Tuesday below crucial support levels. This downturn led to more than $319 million in liquidations from the crypto derivatives market, with over 90 percent impacting long traders.

Here are the top reasons for the crypto market dump today:

Rising Fear of Further Crypto Capitulation in September

FearRising fear of further crypto capitulation in September As August approaches the end, later this week, the fear of further crypto capitulation in September has significantly increased.

From historical crypto data, it is evident that Bitcoin price has performed poorly in August and September, especially after the halving event. As previously reported, short-term Bitcoin holders have sold more than 33k BTC units in the past few days.

Significant Cash Outflows from US Spot Bitcoin and Ether ETFs

Cathie Wood’s ARKK fund sold 1,717 Bitcoin from its holdings on Tuesday. This marks the largest-ever crypto sell-off from the ARK fund.

ARK 21Shares Bitcoin ETF (BITQ) recorded a net cash outflow of about $127.22 million on Tuesday. This outflow is primarily attributed to the fund's large creation units, which were priced at around $500 million on August 27.

However, the total cash outflows from Grayscale's Bitcoin (BTC) trust, known as GBTC, to date in August now stand at about $527.34 million.

Meanwhile, the US spot Ether ETFs have now registered eight consecutive cash outflows, led by Grayscale’s ETHE.

On Tuesday, the US spot Ether ETFs recorded a net cash outflow of about $3.45 million, thus the total outflow to date amounting to around $482 million.

Ethereum Price Crash

ETH price crashed on Tuesday, and a close below $2,814 would confirm a bearish outlook for H2 2024. One of the important things I look for in a trade is if it has a well-defined risk point where I can say "I am wrong" and cut my losses.

$ETH is a well-defined short-side trade. Above 2830 or so the trade is wrong pic.twitter.com/Iox0NTARTk

According to a popular analyst Peter Brandt, Ethereum price has confirmed a bearish outlook after consistently closing below the support/resistance level around $2,814.

Brandt argues that ETH price had been forming a reversal pattern, characterized by a double top coupled with a bearish divergence on the weekly Relative Strength Index (RSI).

Moreover, a close above $2,814 would invalidate this bearish outlook, indicating that ETH price may continue to trade within a broader bullish trend. Notably, this analysis is based on the H2 2024 price chart.

On the other hand, Bitcoin price is expected to continue consolidating in an inverted triangle possibly until the fourth quarter when the bulls are expected to regain control.

The above is the detailed content of Top Reasons Why the Crypto Market Dumped Today. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Top 10 digital currency exchanges Top 10 digital currency app exchangesTop 10 digital currency exchanges Top 10 digital currency app exchangesApr 22, 2025 pm 03:15 PM

The top ten digital currency exchanges are: 1. OKX, 2. Binance, 3. gate.io, 4. Coinbase, 5. Kraken, 6. Huobi, 7. KuCoin, 8. Bitfinex, 9. Bitstamp, 10. Poloniex. These exchanges are selected based on factors such as transaction volume, user experience and security, and all provide a variety of digital currency trading services and an efficient trading experience.

Top 10 digital currency exchange apps Recommended by the top ten digital currency exchangesTop 10 digital currency exchange apps Recommended by the top ten digital currency exchangesApr 22, 2025 pm 03:12 PM

The top ten digital currency exchange apps are ranked: 1. Binance, 2. OKX, 3. gate.io, 4. Coinbase, 5. Kraken, 6. Huobi, 7. KuCoin, 8. Bybit, 9. Bitfinex, 10. Bittrex, these platforms were selected for their excellent performance in user experience, security, handling fees and transaction volume.

What are the digital currency trading platforms in 2025? The latest rankings of the top ten digital currency appsWhat are the digital currency trading platforms in 2025? The latest rankings of the top ten digital currency appsApr 22, 2025 pm 03:09 PM

Recommended apps for the top ten virtual currency viewing platforms: 1. OKX, 2. Binance, 3. Gate.io, 4. Huobi, 5. Coinbase, 6. Kraken, 7. Bitfinex, 8. KuCoin, 9. Bybit, 10. Bitstamp, these platforms provide real-time market trends, technical analysis tools and user-friendly interfaces to help investors make effective market analysis and trading decisions.

What are the top ten digital currency trading software? The top ten exchange platforms in the currency circleWhat are the top ten digital currency trading software? The top ten exchange platforms in the currency circleApr 22, 2025 pm 03:06 PM

The top ten trading softwares in the currency exchange platform are: 1. OKX, 2. Binance, 3. gate.io, 4. Huobi Global, 5. KuCoin, 6. Coinbase, 7. Kraken, 8. Bitfinex, 9. Bitstamp, 10. Poloniex. These platforms provide a variety of trading modes and security measures to ensure the safety of user assets.

Top 10 digital currency exchange app recommendations, top ten virtual currency exchanges in the currency circleTop 10 digital currency exchange app recommendations, top ten virtual currency exchanges in the currency circleApr 22, 2025 pm 03:03 PM

Recommended apps on top ten digital currency exchanges: 1. OKX, 2. Binance, 3. gate.io, 4. Huobi, 5. Coinbase, 6. KuCoin, 7. Kraken, 8. Bitfinex, 9. Bybit, 10. Bitstamp, these apps provide real-time market trends, technical analysis and price reminders to help users monitor market dynamics in real time and make informed investment decisions.

Top 10 Digital Virtual Currency Apps Rankings: Top 10 Digital Currency Exchanges in Currency Circle TradingTop 10 Digital Virtual Currency Apps Rankings: Top 10 Digital Currency Exchanges in Currency Circle TradingApr 22, 2025 pm 03:00 PM

The top ten digital virtual currency apps are: 1. OKX, 2. Binance, 3. gate.io, 4. Coinbase, 5. Kraken, 6. Huobi, 7. KuCoin, 8. Bitfinex, 9. Bitstamp, 10. Poloniex. These exchanges are selected based on factors such as transaction volume, user experience and security, and all provide a variety of digital currency trading services and an efficient trading experience.

What are the digital currency exchange platforms? Ranking of the top ten digital currency trading platforms appsWhat are the digital currency exchange platforms? Ranking of the top ten digital currency trading platforms appsApr 22, 2025 pm 02:57 PM

The digital currency exchange platforms are: 1. Binance, 2. OKX, 3. gate.io, 4. Coinbase, 5. Kraken, 6. Huobi, 7. KuCoin, 8. Bybit, 9. Bitfinex, 10. Bittrex, these platforms were selected for their excellent performance in user experience, security, handling fees and transaction volume.

What are the top ten digital currency trading app platforms? The top ten digital currency exchange platformsWhat are the top ten digital currency trading app platforms? The top ten digital currency exchange platformsApr 22, 2025 pm 02:54 PM

Top 10 digital currency trading app platforms: 1. OKX, 2. Binance, 3. Gate.io, 4. Huobi, 5. Coinbase, 6. Kraken, 7. Bitfinex, 8. KuCoin, 9. Bybit, 10. Bitstamp, these platforms provide real-time market trends, technical analysis tools and user-friendly interfaces to help investors conduct effective market analysis and trading decisions.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.