Bitcoin Price Crashed Below $50,000

The crypto market saw a significant drop in value as investors continued to abandon high-risk assets.

Bitcoin led the decline with 16% and went below $50,000 in the last 24 hours, while Ethereum plummeted over 23% and at the time of writing is trading at $2,230. According to CoinMarketCap, the total market cap is down 11%. At this point it stands at $1.84 trillion.

This decline in cryptocurrencies has coincided with a broader decline in equity markets in the Asia-Pacific region. Japan’s Nikkei 225 fell 10%, extending losses from the previous week, after the Bank of Japan announced an increase in its benchmark interest rate to a 16-year high.

At the time of writing, the leading cryptocurrency has partially recovered and is trading at $51,900, down 27% in the last week, and its market cap has fallen to around $1 trillion.

It was also reported that $1,000,000,000 was liquidated from the crypto market in the last 24 hours.

The stock market also suffered a decline last week that was related in part to disappointing earnings, a weaker-than-expected jobs report, higher unemployment and a declining manufacturing sector. The U.S. Federal Reserve chose to hold its benchmark interest rate steady and did not promise a September rate cut, which many market experts had included in their forecasts. Lower interest rates usually correlate with better performance of risky assets.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.