Bloody Bitcoin Monday 🩸

Markets are bleeding the world over, with major cryptocurrencies plunging and liquidations piling up. Analysts point to a "perfect storm" of causes.

Author

Andrew Hayward
August 05, 2024

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📝 What you need to know

It’s bad news out there. Bitcoin, Ethereum, and other major assets started bleeding out late Sunday as Asian markets showed rapid losses—and by Monday morning, Bitcoin had dipped below the $50,000 mark and crypto liquidations topped $1 billion. Everything’s down, including stocks.

What’s prompting the selloff? It’s a lot of things, apparently, with analysts calling it a “perfect storm” of potential causes. That includes growing fears of a U.S. recession following Friday’s weak jobs report, Japan’s interest rate bump that makes the yen less appealing for crypto traders, and renewed tensions in the Middle East.

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