Bitcoin Smashes $59,800 as $212M in Liquidations Rattle Traders
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The crypto economy saw a significant boost over the last 24 hours, growing by 5.6% and reaching a market cap of $2.07 trillion by Thursday. Bitcoin's price surged past $59,800, and Ethereum also climbed above $2,500 per coin. This rapid ascent on August 8 led to a massive $212.59 million in derivatives liquidations across the entire crypto market within the last day.
The impressive growth demonstrates the high volatility and trading activity within the cryptocurrency space. Traders were both thrilled by the gains and rattled by the large-scale liquidations, a common phenomenon in such swiftly-moving markets. This event underscores the double-edged sword nature of investing in cryptocurrencies, where substantial profits and losses often go hand in hand.
Source: news.bitcoin.com ↗
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