The post Bitcoin Reacts to Global Market Crash, BTC Blips Under $50k appeared on BitcoinEthereumNews.com.

The end of last week brought some unfavorable circumstances. Now, Bitcoin is down, crypto markets are down, and traditional finance markets are trading in the red—well, except for defense stocks. A note from The Kobeissi Letter to investors this morning advises, “Don’t fear bear markets; welcome them.” However, is that doable? Bitcoin loses the bull run The crypto market has lost 16% of its capitalization in 24 hours. The global crypto market cap sits at $1.93 trillion today, down 13.85% in the last 24 hours. At the time of this writing, Bitcoin’s value sits at $51,829, down 14.6% in the last 24 hours and 25.5% in 7 days. The second-largest crypto coin, Ethereum (ETH), is currently trading at $2,286.03, down 21.5% in 24 hours and 32.5% in 7 days. To that end, on-chain data from Coinglass shows that 282,966 traders have been liquidated in the last 24 hours, bringing total liquidations to $1.08 billion. The largest single liquidation order happened on Huobi—BTC-USD value $27.00M. Why? Japanese stocks collapsed on Monday, their biggest loss since the 1987 Black Monday sell-offs.  The collapse is driven by last week’s dip in global stock markets and economic worries tied to the recession. The Nikkei share average shed 12.4%, bringing in fears tied to the October 1987 crash. In addition, U.S. stock index futures tumbled today, with those tied to the Nasdaq falling nearly 4%. Apple Inc. tanked 7.3% after Berkshire Hathaway sold almost 50% of its stocks. Also, Nvidia fell 6.8% following news of a delay in the launch of its next AI chips due to problems with design. Also Read: Daily Crypto Update: Bitcoin, Ethereum, and top assets fall significantly Source: https://www.cryptonewsz.com/bitcoin-reacts-to-global-market-crash-btc-blips-under-50k/

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Filed under: News - @ August 5, 2024 11:11 am