Bitcoin Plunges to 6-Month Low of Under $50,000 as Crypto Market Sell-Off Liquidates $1B-web3.0-php.cn

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Bitcoin Plunges to 6-Month Low of Under $50,000 as Crypto Market Sell-Off Liquidates $1B

王林

Aug 05, 2024 pm 09:42 PM

bitcoin six-month low risk-on assets macroeconomic uncertainty

Investors are fleeing perceived riskier assets like Bitcoin due to a challenging macroeconomic environment severely impacting the crypto market.

Bitcoin Plunges to 6-Month Low of Under ,000 as Crypto Market Sell-Off Liquidates src=

Bitcoin price dropped to a six-month low of under $50,000 on Aug. 5 as a broader sell-off in the crypto market led to over $1 billion in liquidations.

What Happened: Bitcoin price fell to as low as $49,121 on Monday, marking a 13% decline within 24 hours. However, BTC price has since rebounded to above $52,000 at the time of writing.

The flagship digital asset lost critical support levels in the past day, extending its poor weekend performance into the Asian trading hours on Aug. 5.

Bitcoin price dropped sharply on Aug. 4 as weekend trading saw the crypto market sell-off intensify. BTC price fell below the $55,000 level on Aug. 4 morning, continuing a slide that began last week.

The sell-off in the crypto market gathered pace on Aug. 4 afternoon as Bitcoin price dropped below the $52,000 level. At the time of writing, BTC price is trading down 10.2% over the past 24 hours at $52,206.

Other major cryptocurrencies, excluding stablecoins, also suffered significant losses. Solana (CRYPTO: SOL), XRP (CRYPTO: XRP), BNB (CRYPTO: BNB), Cardano (CRYPTO: ADA), and Dogecoin (CRYPTO: DOGE) all saw losses exceeding 15% during the reporting period.

According to data from CryptoSlate, the asset declines resulted in the total crypto market capitalization falling by roughly 16.57% to about $1.88 trillion. This represents the market’s lowest value since February, when it was under $2 trillion.

The sell-off also led to $1.05 billion in liquidations. The most significant single liquidation occurred with a BTC-USD transaction worth $27 million on Huobi.

Long traders, who had expected prices to rise, lost approximately $902 million, while short traders lost $153 million.

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