Crypto bulls bleed as Bitcoin crashes below $53K
Release: 2024/08/05 14:09 Reading: 887
Crypto Market Suffers Steep Sell-Off
Overview
The global cryptocurrency market experienced a significant downturn on Monday, with Bitcoin's price plunging below the $53,000 threshold. BTC's value has plummeted by over 21% in the last week, marking one of its worst performances since the FTX bankruptcy. This decline coincides with global stock market sell-offs and escalating tensions in the Middle East.
Bitcoin's Challenges
Bitcoin has been grappling with political uncertainties stemming from the U.S. presidential contest, potential government sales of seized BTC, and supply risks related to bankruptcy recoveries. These factors have pressured the cryptocurrency since it reached its all-time high of over $73,500 in March.
Ether's Decline
Ether's price also took a nosedive to the $2,200 range after a 21% drop in the last 24 hours. Dogecoin, the leading meme cryptocurrency, saw a 15% decline over the same period, dragging down the altcoin market as a whole.
Factors Contributing to the Downturn
The downturn aligns with an interest rate hike that led to a 7% drop in the Nikkei 225 in Japan and the worst performance of Japanese bank stocks since 2008. The crypto market cap has lost approximately $500 billion in just three days.
Market Bloodbath
The crypto market cap has fallen below the crucial $2 trillion mark, representing a 13% decrease in the past day. Fear and uncertainty are gripping the Fear and Greed index, which has shifted to the "Fear" zone.
Liquidation Activity
According to Coinglass data, over $823 million worth of long and short positions were liquidated in the last 24 hours. The largest liquidation occurred on the Huobi exchange for BTC/USD, worth $27 million. Over 87% of the liquidated positions were long positions, suggesting that investors were caught off guard by the market crash.
Bitcoin's Performance
Bitcoin's price plunged by 11% in the last 24 hours, significantly impacting the broader market. BTC has fallen from a high of $69,000 to the $53,000 zone in the past week. At the time of writing, Bitcoin is trading at an average price of $53,991, with a 24-hour trading volume that has surged by 86% to $51.8 billion.
Approximately $250 million worth of Bitcoin position bets were liquidated in the past day, with over $213 million (85%) being long positions. Despite recent regulatory approval for spot ETF trading from the SEC, BTC has declined by 25% in the last 60 days and 16% in the last 90 days. However, it still maintains a 28% gain year-to-date.
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