The world is reeling on Monday early trade (August 5) as financial markets decline globally. Cryptocurrencies across the globe, including in India, have crashed significantly, with Bitcoin (BTC) prices dropping by USD 50,000 and Ethereum falling below USD 2,250.
According to a Bloomberg report, Bitcoin is down more than 14%, causing the second-ranked Ether to experience its steepest fall since 2021. Top token Bitcoin’s retreat to USD 50,900 as of 7:20 a.m. in London added to a 13.1% drop last week, marking the worst decline since the FTX exchange implosion. Ether shed over a fifth of its value before paring some of the losses to trade at USD 2,286. Most major coins were deeply in the red.
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As per Coinglass data on Monday, August 5, total liquidations in the last 24 hours have reached $1.03 billion, with $894.03 million in long positions. Nearly $150 million were liquidated in the last hour alone.
Major altcoins, including BNB, XRP, and Solana, are down 22.3%, 20%, and 20%, respectively, in the last 24 hours. Tokyo led a sharp decline across Asian stock markets on Monday, spurred by disappointing US jobs data that heightened recession fears for the world’s largest economy and increased expectations for multiple Federal Reserve interest rate cuts.