The Bitcoin rate fell below $50,000, the biggest drop since 2021
In the last 24 hours, the cryptocurrency has fallen in price by 18%, and in two days - by almost 20%.
On the morning of August 5, the Bitcoin (BTC) rate fell below $50,000. Over the past 24 hours, the first cryptocurrency has fallen in price by 18%, and in two days – by almost 20%. This is the lowest value of the rate since January 2024 and the sharpest drop in the price of the cryptocurrency since 2021. At 9:30 a.m., the bitcoin rate partially recovered, adjusting to $50,850, informs site minfin.ua.
The fall of cryptocurrencies
The second cryptocurrency Ethereum (ETH) by capitalization fell even more – more than 20% in a day. Currently, ether is trading at $2,200. At the moment, ETH was below $2100, which is the lowest value of the exchange rate in 2024.
During the day, the total capitalization of the crypto market decreased by more than 400 billion dollars. The volume of liquidations of traders’ positions on crypto exchanges per day exceeded $1 billion, most of which were ETH and BTC longs.
According to the data of the interactive table of the Ministry of Finance, as of 09:50, the first cryptocurrency was traded at $52,616 per coin.
As recently as August 2, bitcoin traded above $65,000. The rate began to fall sharply on Sunday, August 4. At approximately 17:15, the price dropped below $60,000, around 5:00 BTC was already trading at $51,000, and after 9:30 the rate slipped to $49,000 before partially recovering.
Ethereum suffered an even stronger drop. “Ether” lost about 24% in price in one day, and more than 33% in one week. Some cryptocurrencies from the top 100 by capitalization lost more than 50% in price overnight.
