Bitcoin and Ethereum suddenly plummeted at the start of August, with Bitcoin briefly falling below $113,000 this morning and Ethereum dropping to a low of $3,430, leading to a total liquidation of $1 billion across the network. (Background: Powell insists on not lowering interest rates! However, there are already decision-making differences within the Federal Reserve. Bitcoin rebounded after breaking $116,000, and Ethereum regained $3,800.) (Additional background: After Wall Street polluted Bitcoin, '1BTC≠1btc', why are native Bitcoins the next holy grail?) Cryptocurrency faced severe impacts entering August, with a fierce sell-off in the market! Bitcoin (BTC) briefly fell below $113,000 this morning (2), hitting a low of around $112,724 at approximately 6:50, and has temporarily rebounded to $113,460 at the time of writing, with a nearly 24-hour decline of 2.1%. Bitcoin trend. Source: OKX As the second-largest cryptocurrency, Ethereum's decline was even more severe, also hitting a low of $3,430 around 6:40 this morning, and currently reported at $3,485, with a nearly 24-hour decline of up to 5.6%. Ethereum trend. Source: OKX As Bitcoin and Ethereum led the decline, the overall cryptocurrency market also fell across the board. According to CoinGecko data, the overall market capitalization of the cryptocurrency market dropped by 6.9% in the past 24 hours, reaching a total market value of $3.7 trillion. Total liquidation of $1 billion According to Coinglass data, in the past 24 hours, due to the market downturn, a total of 217,000 individuals experienced liquidations across the network, with a total liquidation amount reaching $1 billion. Related reports: After Wall Street polluted Bitcoin, '1BTC≠1btc', why are native Bitcoins the next holy grail? Bitcoin Reserve Company: Why spend $2 to buy $1 of BTC? The billion-dollar selling pressure has not shaken Bitcoin, is BTC's next target to surge to $140,000? "Massacre! Bitcoin falls below $113,000, Ethereum loses $3,500, with total liquidation of $1 billion" This article was first published on BlockTempo (BlockTempo - the most influential blockchain news media).

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