Crypto Markets Suffer Major Losses as Liquidations Surpass $500 Million

By: Eliza Bennet

The cryptocurrency market witnessed significant losses as Bitcoin, Ethereum, and XRP prices plummeted over the weekend. Bitcoin and Ethereum, two of the leading digital assets, saw sharp declines, contributing to over $500 million in liquidations across the crypto space.

Bitcoin's price dropped to its lowest point since early July, with its value closely watched by investors hoping for a recovery. Despite bullish optimism, the BTC price was unable to maintain upward momentum. An attempt to recover was further thwarted as large holders, known as whales, sold considerable amounts of Bitcoin, further depressing the market value.

Ethereum, which reached an all-time high last Sunday, faced a downturn, plunging more than 13% from its peak. The recent price fluctuations not only affected Bitcoin and Ethereum but also had a ripple effect on XRP, another major player in the crypto sphere.

The sell-off was largely attributed to failures in bullish RSI divergences to stabilize the prices. The collective pressure from strategic sales and subdued investor interest led to the markets reacting negatively, creating anxieties regarding a further decline without any significant support levels noted.

As the crypto market continues to demonstrate volatility, it becomes crucial for investors to carefully navigate these turbulent waters. Analysts suggest waiting for stronger market signals before making new investments, highlighting the inherent risks associated with cryptocurrency trading.