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

BREAKING: Europe’s Fourth Largest Hedge Fund Reports Holding Massive Bitcoin ETF

Best Cheap Crypto That Will Make New Millionaires in 2024

Jump Trading Unwraps $410M wstETH, Fuels Ethereum Sell-Off Fears

Chainlink ETF- The Next Big Thing in Crypto Investment for 2024?

Join our free newsletter for daily crypto updates!