- Bitcoin (BTC) touched lows near $58k as cryptocurrencies witnessed a sharp sell-off.
- 0DOG token tumbled amid Bitcoin’s losses.
Bitcoin dived more than 6% in the past 24 hours to trade near $58,000. The crypto market capitalization also tumbled as a sea of red engulfed altcoins
Major altcoins saw huge declines to push the total market cap down more than 7% to $2.16 trillion. Meanwhile, Bitcoin Dogs fell sharply as Ethereum, Solana, Pepe, and Polygon nosedived.
Bitcoin slumps amid huge liquidations
BTC briefly traded at lows of $58,090 on Bitstamp and $58,025 on Coinbase on Wednesday morning before a slight recovery pushed it to above $59.2k.
While there hasn’t been a clear catalyst for the crypto sell-off, the widespread losses suggest a broader weakness for risk assets.
Santiment analysis also suggests the latest retracement follows huge bets on upside momentum. The greed that hit the market on August 25 has seen a swift reaction in liquidations, the market intelligence and on-chain analytics platform wrote on X.
Data from Coinglass shows total crypto liquidations have jumped 208% in the past 24 hours to over $330 million. Most of this, about $295 million, are long positions and over 90,800 traders have been liquidated in this period as a result.
The largest liquidation is an ETH/BTC position at $12.67 million on Binance.
Bitcoin Dogs mirrors BTC sell-off
While Ethereum has dropped more than 9% to under 2,450, Solana is changing hands near $144. Polygon, Pepe and Sui have shed double digits.
Bitcoin Dogs, a cryptocurrency that recently launched on major exchanges Gate.io, MEXC and Uniswap, is also mirroring the downside action.
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0DOG price has dropped sharply from its highs of $0.04934 reached on August 22 to currently trade at $0.01006. The token has seen a massive 54% slump in 24 hours, which highlights how impactful a sharp drop in the prices of top cryptocurrencies can be for related tokens.
What next for BTC, 0DOG?
At the time of writing, BTC traded around $59,220,…