On Tuesday, Bitcoin experienced a significant decline, falling to a low of $61,455 after reaching a high of $65,103 just three days earlier. This downturn in the cryptocurrency market led to liquidations amounting to $20.28 million in Bitcoin long positions and $40.29 million in Ether long positions.

The broader crypto market reflected this downward trend, with the global market capitalization contracting by 1.83%, settling at $2.17 trillion. Throughout the day, Bitcoin (BTC) decreased from an intraday peak of $63,547 to the aforementioned low. By the afternoon, BTC was positioned just under the $62,000 threshold, marking a 2% reduction against the U.S. dollar within the day. In contrast, Ethereum (ETH) experienced an even steeper decline, dropping 3.7% to a price of $2,583.

Within the top ten cryptocurrencies, Solana (SOL) fell by 1.97%, while XRP managed a 2% gain, and Dogecoin (DOGE) saw a decrease of 1%. Notably, Helium (HNT) outside the top ten marked itself as the day’s strongest performer, climbing by 8%, whereas Akash Network (AKT) faced the harshest fallout, losing 5.85% of its value. Overall, the predominant trend among cryptocurrencies was downward, and the derivatives market witnessed $120.47 million in total liquidations, primarily involving long positions.

As of 4 p.m. EST, approximately $99.12 million in long positions had been erased, according to data from coinglass.com. This figure included $60.57 million in liquidations related to ETH and BTC. Over the previous 24 hours, a total of 47,003 traders faced liquidations, with the most significant single liquidation order recorded on the Okx exchange involving an ETH trade valued at $2 million.

The cryptocurrency market is grappling to regain its footing following the turbulence experienced in early August, which had sent prices spiraling downwards. Following remarks from U.S. Federal Reserve Chair Jerome Powell during the Jackson Hole Symposium, there have been indications of a potential rebound for BTC and various other cryptocurrencies. Market analysts are now keenly looking forward to the upcoming Federal Open Market Committee (FOMC) meeting to assess the likelihood of a rate cut.

In conclusion, Tuesday’s market activity highlighted the volatile nature of the cryptocurrency landscape. Observers are encouraged to share their views and opinions regarding these recent fluctuations in the market in the comments section below.

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