Ethereum

Bank

Bull Market

Bitcoin

<ul>
 <li>Over $1 billion liquidated in 24 hours, contributing to a 12.87% crypto market drop.</li>
 <li>Nikkei’s 20% decline and fears of a U.S. recession amplify bearish sentiment.</li>
</ul>
According to data from Coinglass, over $1 billion has been liquidated from the crypto market in the last 24 hours, with $900 million in long positions and $106 million in short positions. This sell-off has contributed to a 12.87% decline in the overall <a href="https://www.crypto-news-flash.com/altcoins-that-will-outperform-bitcoin-and-ethereum-solana-sol-rollblock-rblk-kaspa-kas/" rel="noopener noreferrer nofollow">crypto market</a>, erasing more than $400 billion in value.
Following our previous <a href="https://www.crypto-news-flash.com/bitcoin-stalls-at-66000-is-the-bull-market-over-or-will-altcoins-like-ethereum-set-new-ath/" rel="noopener noreferrer nofollow">discussion</a>, Bitcoin stalls at $66,000 – Is the Bull Market Over or Will Altcoins Like Ethereum Set New ATH?, some clues come to light. The crash was exacerbated by Japan’s Nikkei index dropping 20% from its July peak, reflecting a broader trend of risk aversion.
As for now, Bitcoin is trading at $50,762.31, a severe dip of 16.27% in the past day and 27.18% in the past week. See BTC Price chart below.
Chart:
<div class="cryptoboxes" id="mcw-19491" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bitcoin" data-symbol="BTC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
<h2 id="bearish-trends-amid-broader-market-turbulence">Bearish Trends Amid Broader Market Turbulence</h2>
It is worth noting that the bearish sentiment is further fueled by fears of a U.S. recession and rising geopolitical tensions, creating a challenging environment for the cryptocurrency market.
Furthermore, an update from CoinMarketCap revealed that the significant correction in both crypto and traditional markets may have been triggered by the <a href="https://www.crypto-news-flash.com/ehime-bank-of-japan-implemtents-ripples-remittance-platform-moneytap/" rel="noopener noreferrer nofollow">Bank of Japan</a>‘s recent interest rate hike. This monetary tightening caused the yen to surge and Japan’s Nikkei stock index to plummet, with the Nikkei falling an additional 6% early Monday.
This brings its total decline to approximately 15% over the past three sessions and 20% from its mid-July peak. Economist Peter Schiff didn’t hold back, saying,
<blockquote>
 <a href="https://www.crypto-news-flash.com/ripples-appeal-to-central-banks-speed-security-and-digital-innovation/" rel="noopener noreferrer nofollow">Central banks</a> have played with fire for years. Now the world is about to be burned. They kept interest rates artificially low, blowing up a global debt bubble. But as inflation reared its head, rising rates pricked that bubble. Now it’s time to pay the piper. The game is over.
</blockquote>

Bitcoin & Altcoins Crash: Crypto Market Down 12.87% Amid Nikkei’s 20% Decline

Table of Contents

Crypto News Flash

Other articles published on Aug 5, 2024

StealthEX Review: Exploring the Secure Instant Crypto Swap Platform

Analyst Seizes Altcoin Opportunities Amid Market Volatility

Pepe Coin Shows Strength Amid Market Turbulence as Investors Swoop in for World’s Best Crypto Pre...

Australian Federal Police Targets 2,000 Crypto Wallets In Nationwide Sweep—Here’s How

Lido Staked Ether Down More Than 15% Within 24 hours

JPMorgan Sees Goldmine in Crypto Dip: Market Rebound on the Horizon?

Join our free newsletter for daily crypto updates!