Cryptocurrency Market Faces Sharp Declines as Ethereum Falls Below $2,100 and Bitcoin to $52,000

Aug 5, 2024, 01:13 AM

The cryptocurrency market is experiencing significant turmoil, with major assets like Ethereum (ETH) and Bitcoin (BTC) seeing sharp declines. Ethereum's price has plummeted from over $3,000 to below $2,100, marking a 39% drop in a week. Bitcoin has also fallen from $70,000 to $52,000, a 26% decrease. This downturn is attributed to a wave of risk aversion in global markets, leading to the largest weekly loss for Bitcoin since the FTX exchange collapse in 2022. Ethereum fell below $2,500, $2,700, and $2,600, with a 12.2% drop in 24 hours. Bitcoin also fell below $57,000. The total liquidation amount across the network exceeded $100 million in one hour, with a 24-hour liquidation amount of $445 million. Other cryptocurrencies like Solana (SOL) have also been affected, with SOL dropping below $130. The market is reacting to these rapid declines with a mix of shock and strategic buying opportunities.