ETH Erase 2024 Growth, Bitcoin Drops to $52,500

The crypto market has continued to plummet in the past 12 hours, heavily impacting BTC and ETH prices.

In the last 12 hours, Bitcoin price has dropped from $57,000 to $52,500, the lowest level since the dump to $49,000 in early August.

The world's largest cryptocurrency had a slight recovery after the US announced August unemployment figures, before plunging again with the US stock market as investor sentiment became pessimistic.

Bitcoin has witnessed a wave of selling from US Bitcoin ETFs over the past week, with outflows of over $200 million regularly recorded. Not stopping there, there are opinions that the $50,000 price range will be difficult to maintain in the context of the market still worrying about the upcoming interest rate adjustment from the Fed in the middle of the month.

Some people also pointed out that Bitcoin price seems to have formed a new pattern, which is to drop sharply at the beginning of the month and then spend the rest of the time recovering like what happened in July and August.

Similarly, the second largest coin, Ethereum, at one point dropped to $2,150, very close to the August bottom of $2,111.

ETH has been continuously affected by a wave of negative news about network activities and the Ethereum Foundation's token sale transaction scandal. The appearance of Ethereum ETFs has not improved the situation with poor buying power, allowing cash outflows to completely overwhelm.

At current prices, Ethereum has wiped out all of its gains in the first three months of 2024, a red flag for the world’s second-largest cryptocurrency.

The top 100 altcoins are also down along with BTC and ETH, losing 4-7% of their value over the past 24 hours.

The amount of liquidated value in the past day reached more than $290 million, with 75.6% of it being long orders.