Bitcoin, Ether price slump leads to crypto bloodbath with $1B in liquidations
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The Bitcoin (
The billion-dollar liquidation is the biggest liquidation event in crypto in the past eight months, after the last such event during the FTX collapse.
The price function in the crypto market was attributed to several factors, including the SpaceX Bitcoin write-down and the macroeconomics, where BTC and ETH have been trading in a range for the past couple of months.
BTC held onto the key $28,000 support for a couple of months, while ETH held the $1,500 support before giving in on Aug. 17. The liquidity in the crypto market has been on the lower side, and prominent crypto exchanges, such as Coinbase, had seen a significant decline in their trading volume.
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