Bitcoin’s price saw a dramatic drop on Monday morning, briefly dipping below $50,000, marking a significant 20% decrease over the past 24 hours amid a global market meltdown.
As of now, the entire cryptocurrency market has lost nearly 16% in value in the last 24 hours. Bitcoin and Ethereum have each shed 20% and 25% of their value, respectively, according to Coingecko. This sharp decline follows the meltdown in global equity and futures markets on Monday. Japan’s stock markets hit historic lows, with the Nikkei 225 dropping 12.40%, its lowest since 1987. This drop occurred after the Bank of Japan raised key interest rates for the first time in 17 years.
Liquidations Top $1 Billion in 24 Hours
According to Coinglass data, total liquidations in the last 24 hours have reached $1.03 billion, with $894.03 million of those being long positions. Nearly $150 million was liquidated in the last hour alone. Major altcoins like BNB, XRP, and Solana have also seen significant declines of 22.3%, 20%, and 20%, respectively.
Asian Markets Collapse Amid Recession Fears
Tokyo led a sharp decline across Asian stock markets on Monday, spurred by disappointing US jobs data that heightened recession fears for the world’s largest economy and increased expectations for multiple Federal Reserve interest rate cuts. This sell-off mirrored significant losses on Wall Street, where major tech companies like Amazon and Microsoft were hit hard due to concerns that this year’s AI-driven rally might have been excessive.
The eagerly awaited report released on Friday revealed that the US economy added only 114,000 jobs in the previous month. This was a significant drop from June’s figures and well below predictions, with the unemployment rate climbing to its highest point since October 2021.
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