Crypto Market Bloodbath Extends to $800M in Liquidations as Nikkei Crashes 7%

There’s too much blood on Satoshi Street currently with the broader crypto market crashing by 12.87% with more than $300 billion eroded from the crypto market

The broader crypto market crashed another 12.87% on Monday morning, August 5, as the sell-off in the crypto market has intensified in the Asian trading hours. The crypto market sell-off began in the late trading hours on Friday, August 2, and has continued to worsen since then.

As the crypto market crashed by 12.87%, more than $300 billion has been eroded from the crypto market in the last few hours. The recent sell-off in the crypto market has brought the total crypto market cap down to $2.18 trillion.

The crash in the crypto market comes as the broader market sell-off also continued in the Asian trading hours on Monday. Japan’s Nikkei crashed another 7% in the early trading hours on Monday. The recent crash of Nikkei has extended the index loss to more than 20% from the July top.

Crypto Market Liquidations Extend to $800M

As the crypto market crashed another 12.87%, the crypto market liquidations have also extended to reach $800 million in the last 24 hours.

According to the data from Coinglass, more than $800 million have been liquidated from the crypto market in the last 24 hours, with most of the liquidations happening in the last 4 hours. Of them, $700 million is in long liquidations while $106 is in short liquidations.

The majority of the crypto market liquidations are happening in the derivatives market, while the cash market remained relatively stable during the sell-off. Among the top cryptocurrencies, Bitcoin liquidations stood at $270 million, followed by Ethereum at $130 million.

Bitcoin Price Slips Below $54,500

The Bitcoin price crashed more than 10% on Monday morning, slipping all the way under $54,500. On the other hand, the correction in the altcoins space is even deeper.

The Ethereum price dropped by 20% and the rest of the top altcoins are correcting anywhere between 15-20%. Among the top gainers are NEAR Protocol and Filecoin, both of which rose more than 10%.

As investors are turning towards risk aversion in the global market, Bitcoin is seeing its worst sell-off ever since the FTX collapse in 2022. Last Friday, August 2, the Bitcoin exchange-traded funds (ETFs) registered their largest outflows in the past three months.

Now, with the Bitcoin price falling under its 200-day moving average, the bears have the upper hand as of now.

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