Krutika Adani
On 5 August, Bitcoin fell below $50k for the first time since March 2024.
Bitcoin fell from $70k on 29 July to reach $49.1k on 5 August 2024. The fall was the most intense on 5 August, when Bitcoin fell 17% from $59.2k to $49.7k.
The crypto wipeout erased $500 billion since Bitcoin hit $70,000. Further, Bitcoin and Ethereum individually were responsible for $379 million and $355 million worth of derivatives liquidations, respectively.
On 5th August, the crypto fear and greed index fell to an extreme low of 17, causing widespread panic in the market.
A ray of hope has emerged from the US Federal Reserve, which might soon cut interest rates due to the fear of a recession.