The post Crypto Price Analysis 8-5 BTC, ETH, SOL, XRP, TON, DOT, TIA, PEPE appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has lost over 13% in the past 24 hours and almost 25% over the past week as markets turned bearish following a global stock market crash that also casts a shadow on the crypto markets. BTC tumbled from above $60,000, losing key support levels, and is currently trading around the $52,700 mark. The weekend selloff accelerated late Sunday evening, sending BTC plunging to levels not seen since February. ETH also saw a drastic fall, sending its value plummeting to lows not seen since December. The trigger for what has become an unprecedented correction in crypto could have been the Bank of Japan, which hiked its benchmark interest rate. Panic Grips Markets The stock and cryptocurrency markets have seen a bloodbath over the weekend and have opened in the red as prices plummeted due to economic uncertainty and the specter of war in the Middle East. To add to the conundrum, regulatory crackdown and growing fears over inflation have added to market volatility, sending prices haywire. While Bitcoin (BTC) is down over 20% in the past week, Ethereum (ETH) has lost almost all of its year-to-date gains. As mentioned earlier, the trigger for this selloff in traditional and crypto markets could have been the Bank of Japan, which announced a hike in its benchmark interest rate. The collapse marks BTC’s worst week since the FTX collapse in 2022, and other major altcoins, such as ETH and DOGE, also sank, recording heavy losses. ETH has been down 20% over the past 24 hours and lost the $2,850 support level. Concerns about the global economic outlook have spooked the markets. Rumors about a potential bubble caused by heavy investments in AI have also led to selloffs in global stocks and have significantly impacted the crypto markets. The tense situation in the…

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Filed under: News - @ August 5, 2024 2:24 pm