There’s too much blood on Satoshi Street currently with the broader crypto market crashing by 12.87% with more than $300 billion eroded from the crypto market in the last few hours. The crypto sell-off has intensified in the Asian trading hours as Japan’s Nikkei crashed another 7% in the early trading hours on Monday, August 5. The recent crash of Nikkei has extended the index loss to more than 20% from the July top.
Crypto Market Liquidations Extend to $800M
As per the data from Coinglass, more than $800 million have been liquidated from the crypto market in the last 24 hours, with most of the liquidations happening in the last 4 hours. Of them, $700 million is in long liquidations while $106 is in short liquidations.
The Bitcoin price has crashed more than 10% slipping all the way under $54,500. On the other hand, the correction in the altcoins space is even deeper with Ethereum price dropping by 20% and the rest of the top altcoins correcting anywhere between 15-20%.
With investors turning towards risk aversion in the global market, Bitcoin is seeing its worst sell-off ever since the FTX collapse in 2022. Last Friday, August 2, the Bitcoin exchange-traded funds (ETFs) registered their largest outflows in the past three months. Now, with the Bitcoin price falling under its 200-day moving average, the bears have the upper hand as of now.
Also Read: Ethereum ETF Outflows Hit $170M In A Week, What’s Next For ETH?
US Recession Coming Soon?
Expectations of the US recession have shot up significantly after with the probability of hard landing increasing significantly. Amid the unfolding market scenario, popular economist Peter Schiff writes:
“Central banks 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.”
Amid the current rout in the tech market and the uncertain global macro conditions, the US stock index futures also tanked considerably during the Monday correction. Also, the rising geopolitical tensions between Iran and Israel are adding fuel to the already weak market. The cryptocurrency market is certainly going to feel the heat of the risk-averse bets going ahead.
Also Read: Trending Crypto Updates For This Week
The post Crypto Market Crash: Liquidations Cross $800 Million As Japan’s Nikkei Drops 7% appeared first on CoinGape.
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