Crypto Assets join the global market big dump

According to a report from Jinse Finance, data from crypto assets data provider Coin Metrics shows that the latest price of Bitcoin has fallen by 4%, to $78,835.07. For most of this year, Bitcoin’s trading price has remained above $80,000, although there have been a few brief instances of it dipping below that level during recent fluctuations. Bitcoin is currently down about 34% from its historical high in January. As the flagship of crypto assets, Bitcoin’s trading performance typically mirrors that of large tech stocks and is often viewed by traders as a leading indicator of market sentiment. However, last week, it defied the overall market’s big dump trend, maintaining a price range between $82,000 and $83,000, and even rose at the end of this week amid a stock market crash and a drop in gold prices. Other crypto assets suffered greater losses overnight. Ethereum and Solana-related tokens each plummeted by about 10%. The drop in Bitcoin triggered a wave of long positions liquidations, forcing traders who bet on a rise in Bitcoin’s price to sell assets to cover their losses. According to data from the crypto assets data platform CoinGlass, the liquidation amount of Bitcoin long positions exceeded $181 million in the past 24 hours. During the same period, the liquidation amount of Ethereum long positions reached $188 million.