Bitcoin, Ethereum, and Ripple Price Forecast in Asia on August 28
The cryptocurrency market saw significant liquidations totaling over $313 million on Tuesday as Bitcoin dropped below the $60,000 mark, according to data from Coinglass. Long traders bore the brunt of these liquidations, accounting for $282 million, with short liquidations amounting to $31.36 million.
Ethereum, on the other hand, experienced a 9% decline on Tuesday due to heightened selling pressure from both ETH ETF investors and whales. This selling pressure not only impacted the price of Ethereum but also led to accusations against Ethereum co-founder Vitalik Buterin for allegedly lacking faith in ETH as a store of value.
In a separate development, Ripple (XRP) encountered a setback when it lost crucial support at $0.65 earlier in August. Since then, the altcoin has been trading sideways. Factors such as whale accumulation, XRP supply distribution, and on-chain activity are believed to be influencing the price of XRP.
In the cryptocurrency space, market movements are often subject to various external influences, and the behavior of major players like whales and institutional investors can have a significant impact on the overall market sentiment and price dynamics. It is essential for investors to stay informed about these developments and conduct thorough research before making any investment decisions.
As the cryptocurrency market continues to evolve and adapt to changing circumstances, it remains a volatile and dynamic environment where prices can fluctuate rapidly based on a variety of factors. Keeping abreast of the latest news and trends in the cryptocurrency space is crucial for investors looking to navigate this complex and fast-paced market successfully.
