Bitcoin Dips Below $50K as Global Market Crashes

By Kingnaafrika.

August 5, 2024

In a dramatic turn of events, Bitcoin (BTC) plummeted below the critical $50,000 mark, marking its lowest price since February. The crypto market, already under pressure, suffered a staggering 17% drop in total market capitalization¹. Here are the key points:

BTC briefly dipped to $49,351 before recovering slightly toward the $51,000 level.

BTC dominance reached 58%, signaling a collapse in both altcoins and stock markets.

Over $400 billion vanished from the crypto market, reducing the total market cap from $2.16 trillion to approximately $1.76 trillion.

Traders holding leveraged-long positions lost a staggering $600 million during the initial hours of the crash.

Bitcoin’s price volatility caught many off guard, leading to significant liquidations.

Ethereum (ETH), the second-largest cryptocurrency, also suffered, plummeting nearly 20% within a mere two hours.ETH hit a low of $2,172 before recovering to around $2,200¹.

The crypto sell-off coincided with a broader global market decline.Recession fears and uncertainty contributed to the sharp downturn in both traditional and digital assets.

As the situation unfolds, investors and enthusiasts remain on edge. Stay tuned for further updates as we navigate this volatile landscape.

¹: Bitcoin dips below $50K: Crypto market crashes 17%