Bitcoin Price Briefly Dips Below $50K, Liquidations Top $1B in 24 Hours

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated: 

August 5, 2024

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Bitcoin’s price has continued to dip dramatically on Monday morning as it fell below $50,000, registering a staggering 20% decrease in the last 24 hours on the heels of global markets meltdown.

At the time of writing, the entire crypto market has lost nearly 16% in the last 24 hours, with Bitcoin and Ethereum shedding 20% and 25%, respectively in the last 24 hours, as per Coingecko. The crypto market reacted to the meltdown in the global equity and futures market on Monday morning. Japan’s stock markets witnessed historic lows on Monday. Nikkei 225 is down 12.40%, lowest since 1987. Last week the Bank of Japan had key raised interest rates for the first time in 17 years,

Liquidations Top $1 Billion in 24 Hours

As per Coinglass data, total liquidations in the last 24 hours have reached $1.03 billion, out of which $894.03 million were long positions. Nearly $150 million have been liquidated in the last hour alone.

Major atlcoins, including, BNB, XRP, Solana are down 22.3%, 20%, and 20% in the last 24 hours, respectively.

Asian Markets Collapse on Fear of Recession

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.

This sell-off mirrored significant losses on Wall Street, where major tech companies like Amazon and Microsoft were hit hard amid concerns that this year’s AI-driven rally might have been excessive.

The eagerly awaited report released on Friday revealed that the US economy added a mere 114,000 jobs in the previous month, a significant drop from June and well below predictions, with the unemployment rate climbing to its highest point since October 2021.