Bitcoin Leads Liquidations with 1.4% Drop as Crypto Market Sees Mixed Trends (24 July)

• The cryptocurrency market witnessed a slight dip on July 24, raising concerns among investors.
• Alongside Bitcoin, several other major cryptocurrencies such as Ethereum, BNB, Ripple, and Dogecoin also recorded decreases.
• Despite the broader downturn, Ethena experienced a notable rise, making it the top gainer among altcoins for the day.

The crypto market experienced dips in major tokens with some altcoins showing resilience. Learn more about the latest developments in the digital currency space.

Bitcoin and Major Altcoins Experience Downturn

As of the latest reporting, Bitcoin is trading at $65,865, reflecting a 1.4% drop. In the Turkish lira market, Bitcoin’s value stands at 2,208,451 TL. Other significant cryptocurrencies such as Ethereum (ETH) dropped by 0.5% to $3,444, BNB by 0.3% to $584, Ripple (XRP) by 0.6% to $0.599, and Dogecoin (DOGE) by 2.5% to $0.131. Conversely, Toncoin (TON) bucked the trend with a 0.7% increase, trading at $6.93, while Solana (SOL) fell by 1.3% to approximately $173.3.

Highlights from the Last 24 Hours

Within the last 24 hours, the crypto market has seen significant movements. Ethena (ENA) emerged as the top-performing altcoin with an 8.9% increase, priced at $0.471, whereas Core (CORE) experienced the highest drop, falling by 10.8% to $1.42. Furthermore, the crypto market’s total capitalization stands at approximately $2.51 trillion, with Bitcoin’s market cap reaching around $1.29 trillion. The overall trading volume for the last 24 hours is about $104 billion.

Macroeconomic Factors Impacting Crypto Prices

The Dollar Index (DXY) is currently at 104.2, indicating a strong dollar which often correlates with pressure on cryptocurrency prices. Additionally, the Turkish lira has seen a 0.28% increase against the US dollar, trading at 32.93, and a 0.17% rise against the euro, priced at 35.87. These currency movements contribute to the fluctuating valuations of cryptocurrencies in various markets.

Market Liquidations Affecting Investor Sentiment

Over the last 24 hours, the crypto market has witnessed liquidations amounting to $155 million, impacting over 51,000 crypto investors. The majority of these liquidations, 75.02%, were from long positions, with Bitcoin experiencing the bulk of these forced closures. Such significant liquidations can trigger further volatility as investors adjust their strategies accordingly.

Conclusion

In conclusion, the cryptocurrency market is experiencing a period of adjustment, with notable drops in major tokens and mixed performance among altcoins. While macroeconomic factors and market liquidations continue to influence price movements, it’s crucial for investors to stay informed and cautiously strategize their next steps in the evolving digital currency landscape.