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Blue Whale News, August 5 (Reporter Huang Yujie, intern Xiao Yang)The virtual currency market suddenly crashed again.

According to CoinGlass, as of 11:25 Beijing time on August 5, the latest price of Bitcoin was US$54,200, a daily drop of 10.81%, a weekly drop of 21.82%, and a monthly drop of 4.94%.

Blue Whale News noticed that on the evening of August 4th, Beijing time, the price of Bitcoin fell below the $60,000 mark, and did not rise until it fell to $5.77 the next day. After reaching $59,400, it fell all the way, hitting a low of $53,800.

By comparison, Ethereum has plummeted. As of 11:40, Ethereum was trading at $2,325, down 20.58% on the day, 30.17% on the week, and 23.46% on the month.

It is worth mentioning that on August 4, Beijing time, the price of Ethereum was relatively stable, fluctuating around US$2,900. The next day, it fell below US$2,600, and then rebounded after hitting the bottom at US$2,256, but it was still below US$2,400.

The decline in the virtual currency market was followed by an increase in liquidations. As of 12:00 on August 5, a total of 213,300 people had their positions liquidated in the past 24 hours, with a total liquidation amount of US$8.265 billion, an increase of 334.52%.

At the same time, virtual currencies were sold off on a large scale, and the transaction volume increased significantly. In the past 24 hours, the amount of Bitcoin holdings was US$28.276 billion, a decrease of 12.51%; the transaction volume was US$114.160 billion, an increase of 111.62%.

Ethereum's holdings in the past 24 hours were US$10.32 billion, down 22.03%; the transaction volume was 71.488 billion yuan, up 195.05%.