The crypto market’s turbulence has intensified, with Bitcoin plummeting to $54,000, marking a 7.31% intraday drop and a 17% decline over four days. This sharp descent has pushed BTC below its 200-day EMA, with a downtick in the 50-day EMA signaling a looming death cross.

Ethereum has also faced significant losses, falling to $2,350, a 30% decrease in seven days. Amidst this, long liquidations have skyrocketed to $1.75 billion from July 29 to August 5, peaking at $438 million on August 5.

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