Crypto Market Crash: Bitcoin Plunges Below $50,000, Liquidations Sweep the Market
Crypto Market Crash: Bitcoin Plunges Below $50,000, Liquidations Sweep the MarketOn August 5th afternoon, the cryptocurrency market experienced a sharp decline, with Bitcoin's price briefly falling below $50,000, reaching around $49,000, marking a drop of over 15% in 24 hours. Other popular cryptocurrencies also plummeted, with Ethereum, Solana (SOL), and Dogecoin (DOGE) all losing more than 20%
Crypto Market Crash: Bitcoin Plunges Below $50,000, Liquidations Sweep the Market
On August 5th afternoon, the cryptocurrency market experienced a sharp decline, with Bitcoin's price briefly falling below $50,000, reaching around $49,000, marking a drop of over 15% in 24 hours. Other popular cryptocurrencies also plummeted, with Ethereum, Solana (SOL), and Dogecoin (DOGE) all losing more than 20%.
This wave of selling triggered panic in the market, forcing many investors to close their positions and exit, leading to a surge in liquidations. Coinglass data shows that in the past 24 hours, over 270,000 accounts were liquidated, with a total of roughly $1.05 billion lost, of which $900 million were long positions and $140 million were short positions.
According to CoinMarketCap data, the total cryptocurrency market capitalization evaporated by about $300 billion within a day, reaching approximately $1.85 trillion, representing a decline of over 16% in 24 hours.
The exact cause of this crash remains unclear, but the market consensus points to negative macroeconomic conditions, rising expectations of interest rate hikes by the Federal Reserve, and tightening regulatory policies as potential contributing factors.
The cryptocurrency market is known for its volatility, with significant price swings in recent years. This latest crash serves as a reminder of the risks associated with investing in cryptocurrencies, urging investors to proceed with caution and invest rationally.
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