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bitcoin fell below $52,000 and ethereum plunged more than 23% after a rate hike by the Bank of Japan spooked financial markets, triggering panic selling.
Japanese stocks suffered their worst day since 2008 on August 2 after the stocks-log-worst-day-since-pandemic-after-rate-hike”>interest rate increaseThe Nikkei 225 stock index is x&ved=2ahUKEwi70syUoN2HAxWyUUEAHbllFVEQ3ecFegQIQBAf”>below more than 12% as of 2:50 a.m. EST.
bitcoin plunges after $1 billion worth of leveraged crypto positions are liquidated
bitcoin price plunged 13% to trade at $51,809 at 5.50am EST as more than $1 billion in leveraged positions were liquidated on the trading day, according to CoinGlass DataMore than $898 million in long positions were eliminated, while short positions worth more than $140 million were liquidated.
The total market capitalization The value of the cryptocurrency market plummeted by 17% to approximately $1.85 trillion.
Cryptocurrency Fear and Greed Index Indicates “Fear” Amid Latest Cryptocurrency Crash
Cryptocurrency investor sentiment has also turned bearish over the past few days. Since last week, crypto/fear-and-greed-index/”>Cryptocurrency Fear and Greed Index has fallen from a “greed” score of 74 to a “fear” signal in the market with its current reading of 26.
And there may be worse things to come, According to Peter Schiff, ETF (exchange-traded fund) investors are expected to react negatively to the recent market crash. In an August 2 post on x, Schiff said that btc It is down 45% against gold since btc hit its all-time high in November 2021.
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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin was trading below $50,000. It is down 22% since the US stock market closed on Friday and is now down 45% in price. twitter.com/hashtag/gold?src=hash&ref_src=twsrc%5Etfw”>#gold from its November 2021 high almost three years ago. It is now back above $50,000, but wait until the stock market opens and ETF holders can finally sell too.
—Peter Schiff (@PeterSchiff) twitter.com/PeterSchiff/status/1820346320365732191?ref_src=twsrc%5Etfw”>August 5, 2024
Although bitcoin has managed to climb back above $50,000, he warned his readers that a wave of selling pressure could hit the market later today as US ETF investors “finally sell too.”
Seeking refuge in pre-sales
With increased risk in the market, investors may turn to pre-sale tokens that are not yet publicly traded to wait out the storm. Among analysts' favorites right now are projects like Pepe Unchained (PEPU), Meme games (MGMES) and PlayDoge (PLAY).
PEPU has already raised over $7.3 million and is offering pre-sale buyers a 267% APY, while PLAY has come close to raising $6 million as it revitalizes the Viral Tamagotchi game that was a sensation in the 90s.
Analysts also say MGMES has huge potential to capitalize on the excitement surrounding the Paris Olympics.
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