Today, the crypto market is bleeding as countless Long and Short positions were liquidated

Today, the crypto market is bleeding as countless Long and Short positions were liquidated. According to Cointelegraph, traders panic, leaving many empty-handed.

Today, the crypto market experienced significant liquidations, mainly in Long positions, while short traders managed to exit positions with minimal losses. Overall, the market encountered brutality as prices dropped unexpectedly, surprising both Long and Short traders.

According to CoinGlass, the total liquidations in the last 24 hours amounted to $950.62 million. Among the liquidated positions, Long positions accounted for 86%, whereas Short positions made up 14% of the total liquidations.

According to CoinGlass.

The majority of liquidations, at 52%, occurred on Binance.

The liquidations mainly targeted Long positions on BTC at a 24-hour price of $78,200, with a liquidation volume of $288.21.

The liquidations on Ethereum (ETH) at a 24-hour price of $2,204 largely affected Short positions.

During the last 24 hours, top coins witnessed an overall downtrend:

Bitcoin (BTC) fell 7.59%, reaching a 24-hour low of $78,200 before rebounding slightly to $84,000. The cryptocurrency has hit its lowest level in three months, slipping below $90,000.

Bitcoin price on 28 August

Its price dropped below a crucial support level of $90,000 on Tuesday, marking its lowest point in the last three months.

Further downward pressure on BTC arose as the U.S. Labor Department reported a smaller-than-expected increase in job openings in June. This indicated some cooling in the labor market, which could influence the Federal Reserve’s upcoming decision on interest rates.

According to Coinmarketcap, Bitcoin price dropped by 7.59% in the last 24 hours, slipping to $78,200 at 03:44 ET.

The world’s largest cryptocurrency has been struggling to maintain its footing amid macroeconomic headwinds and volatility in the market.

Also Read: Why Has The Bitcoin Price Declined Again? Any Chance For Ethereum?

On the other hand, Ethereum (ETH) plunged 10.17% to trade at a low of approximately $2,200.

According to Benzinga, the recent decline in major cryptocurrencies like Bitcoin and Ethereum can be partly attributed to a report from the U.S. Labor Department. The report stated that the number of Americans filing new claims for unemployment benefits rose last week. Additionally, there was a smaller-than-expected decrease in job openings in June.

The combination of rising unemployment claims and sticky inflation, as measured by the Consumer Price Index (CPI), could put pressure on the Federal Reserve to keep interest rates higher for longer.

The cryptocurrency market is known for its high volatility, which can be amplified during periods of macroeconomic uncertainty. As a result, traders should exercise caution and manage their risk accordingly.

According to Coinmarketcap, ETH is heavily impacted compared to other top coins. In fact, another major reason contributing to the overall bleeding market is President Donald Trump announcing increased 10% import tariffs on Chinese goods.

The move is intended to reduce the trade deficit with China and create jobs in the U.S. However, it could escalate the trade war between the two economic superpowers.

According to a report by Benzinga, the cryptocurrency market is currently in a state of turmoil, with prices dropping sharply and traders panicking.

According to CoinGlass, the total liquidations in the last 24 hours amounted to $950.62 million. Among the liquidated positions, Long positions accounted for 86%, whereas Short positions made up 14% of the total liquidations.

The majority of liquidations, at 52%, occurred on Binance.

The liquidations mainly targeted Long positions on BTC at a 24-hour price of $78,200, with a liquidation volume of $288.21.

The liquidations on Ethereum (ETH) at a 24-hour price of $2,204 largely affected Short positions.

Current Trending Narratives: AI and Memecoins

Looking at the promised leading AI narrative, the downtrend condition is still the same. For example:

Any Chances for Fan Tokens?

Fan tokens occasionally appear to be in opposition to the bear market. This is due to their independence and their connection to memecoins, which are associated with real-world entities and events. Their value isn’t solely dependent on crypto market cycles but on external catalysts like a big game, a championship, or a celebrity endorsement.

At the same time to the Fan tokens hype, still in its ATL – Source: CoinGecko

For example, ARG, the Fan token of the Argentina national football team, surged 70% prior to the FIFA World Cup Final