In the past day, cryptocurrency markets have seen a big drop. Bitcoin was up 5% on Monday. [BTC] A staggering 18% of the price fell, reaching as low as $49,500.
BTC’s price has dropped by nearly 30% in the past seven days. The worst cryptocurrency week was since FTX’s collapse in 2022. BTC’s dominance dropped from 55% to just over 50%.
Coinglass’ data suggests that the general market decline is not abating as fear increases. Over $700,000,000 in wagers were liquidated over the past twelve hours.
It follows the massive market crash in America last Friday. Nasdaq, a tech-heavy US stock index, has fallen nearly 10% since last Friday.
The worst three-week performance has been since September 2022. The Bitcoin market is experiencing a rise in liquidations due to the sudden negative turn of Asian and European markets. Japan’s Nikkei saw an 8% fall, while South Korea experienced a trade stoppage.
Ethereum can be used to complement Bitcoin [ETH] The price of the cryptocurrency also dropped significantly. In the past day, altcoins saw their value drop by 23%. At the time of publication, ETH’s price was $2,230.
Also Read: Top 2 Cryptocurrencies To Watch in August 2024
Looking at the ‘Other’ Reason Behind This Downfall
Arthur Hayes, in a recent tweet, suggested a possible cause of the current meltdown on the market. Former CEO and co-founder of one of the largest futures trading platforms in cryptography, Arthur Hayes, speculates about an alternative explanation.
You can also find out more about the following: said:
TradFi birds tell me that someone big has been smoked and will be dumping #crypto. This is not true. I will not name any names. But let us know if the family has heard the same.
Also Read: Japan’s Stock Market Suffers Worst Losses Since 1987
Bitcoin and Ethereum are among the major assets that have experienced steep losses.
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Source: watcher.guru
