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Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates

  • 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.

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, still in the red.

Bears may extend the decline in BTC price, with lows seen on August 5 a likely support level. This same scenario could play out for Bitcoin Dogs, which made history with the first-ever BRC-20 token presale on the Bitcoin network.

The gaming and NFT project taps into BTC’s growing layer-2 market and is likely to bounce alongside the flagship cryptocurrency.

But what would indicate a potential for reversal?

“When funding rates get extreme in either direction, they are always prone to get liquidated and shoot markets in the opposite direction. Look for funding rates to stabilize (or potentially even start leaning toward a short bias) as a sign that BTC and other assets will start to bounce again,” Santiment observed.

The downside may therefore provide an opportunity to buy low. Learn more about Bitcoin Dogs first by visiting their website.

The post Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates appeared first on CoinJournal.

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Bitcoin dips below $60k again. Is this a buying opportunity for gems like $POODL?

Key takeaways

  • Bitcoin is down 6% in the last 24 hours and trades below the $60k level again.
  • POODL is now live on MEXC, Raydium, and Bingx crypto exchanges.

BTC slips below $60k again

The cryptocurrency market is underperforming so far this week, with the prices of most coins and tokens down 6% or more in the last 24 hours. Bitcoin has lost over 6% of its value and trades below $60k.

At press time, the price of Bitcoin stands at $58,666 and could dip further if the bearish momentum continues. However, the retrace could also be a buying opportunity, allowing investors to load up on Bitcoin and other gems. 

What is Poodlana?

As the broader market underperforms, one of the projects investors could be looking to load up is $POODL, the native coin of the Poodlana ecosystem. The project is gathering steam amongst institutional and retail investors thanks to its unique approach to the market. 

Poodlana is a Solana-based meme coin that aims to introduce the glamor of high fashion to the crypto world. It promotes the ethos of community while providing utility to users.

The team will leverage Poodlana’s popularity in Japan, Korea, and China to build a strong community for this project.

Poodlana’s token is now live on MEXC and BingX

The Poodlana presale was successful, raising $8 million from the public. As soon as the presale was concluded, the team went ahead to list the token on centralised exchanges. 

$POODL has already gone live on the MEXC crypto exchange. The token was also recently listed on the BingX and Raydium exchanges. 

Currently, only the POODL/USDT pair is live on these exchanges, but they could list more pairs, such as POODL/BTC and POODL/ETH, in the coming weeks or months. 

Should you buy POODL in this dip?

The best times to purchase a token are during presale or a market dip. With the presale now over, the only option to explore is to purchase Poodlana tokens via cryptocurrency exchanges. 

Thanks to Bitcoin’s dip, most altcoins are currently underperforming. Hence, it could be an excellent time to purchase $POODL tokens on MEXC, BingX, and Raydium cryptocurrency exchanges. 

Meme coins have become a crucial part of the cryptocurrency ecosystem, with several having a market cap of $1 billion or more. $POODL is still in its early days but could challenge other leading memecoins like Shiba Inu, Pepe, and Dogecoin in the future.

The post Bitcoin dips below $60k again. Is this a buying opportunity for gems like $POODL? appeared first on CoinJournal.