Crypto Black Monday, Market Tumbles Amid Economic Uncertainty
According to a new report from Nansen, the “Crypto Black Monday” event was triggered by a combination of factors,including a growing concern about the U.S. economy, the tightening of monetary policy by the Bank of Japan, and increased political uncertainty due to narrowing polls for Donald Trump.
Bitcoin plummeted by nearly 20% in a week, briefly dipping below the $50,000 mark. Other major cryptocurrencies also experienced significant declines.
The overall crypto market fear and greed index plunged from 74 to 26, indicating extreme fear among investors.
wen stop? pic.twitter.com/5prCr7bxu3
— Nansen 🧭 (@nansen_ai) August 5, 2024
Nansen warned that the increased probability of a recession and high market volatility could lead to further price declines.
The report advised investors to reduce their exposure to risky assets and exercise caution. As a result of the sharp price drop, over $1 billion in cryptocurrency liquidations were triggered.
Bitcoin is currently trading at $54,462, Ethereum at $2,439, BNB at $465, Solana at $132, and Ripple at $0.49.
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