⚡ BTC Falls Below $50,000: What's Behind the Crypto Market Turmoil?
posted 5 Aug 2024
On August 5, the markets were shaken as BTC dropped below $50,000, and ETH nearly hit $2,100. Throughout the day, over $1 billion in trading positions were liquidated, according to CoinGlass.
Notably, just prior to this downturn, market-maker Jump Trading began offloading its wstETH holdings. Lookonchain reported on X that the company has sold approximately $377 million in wstETH since July 24.
The crypto market plummeted at the same time as news broke of the biggest one-day decline in Japan's stock market, evoking memories of the "Black Monday" crash in 1987.
Further tension was added by escalating conflicts in the Middle East. Recently, The Jerusalem Post reported that Iran might attack Israel as early as Monday, a factor previously linked to Bitcoin's drop in April 2024.
Amidst this market panic, rumors spread on X about the U.S. Federal Reserve potentially convening an emergency meeting to discuss interest rates. As of the writing, these rumors remain unverified. Adding to the conversation, ETF analyst Eric Balchunas commented, "Wen printer."
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