Market Mayhem: Bitcoin Crashes Below $50k; Ethereum, BNB Fall Up To 20%

3 min read Last Updated : Aug 05 2024 | 2:46 PM IST

Crypto Crash: The sell-off across the globe has led to a massive decline in equity markets and affected cryptocurrencies, with Bitcoin falling over 12 per cent in the last 24 hours. Investors have become cautious following a soft jobs report from the US, raising fears of an oncoming recession.

According to data available on Binance.com, Bitcoin’s price crashed over 12 per cent in the last 24 hours. As of around 01:55 pm on Monday, Bitcoin was trading at $52,925.47, which is 28 per cent lower than its all-time high of $73,750. The popular cryptocurrency has traded in the range of $49,121.24 (low) to $61,058.94 (high) in the last 24 hours, registering a fall of 24 per cent in the last seven days.

As per Edul Patel, Co-Founder and CEO of Mudrex, Bitcoin fell due to increased sell-offs and the Bank of Japan’s decision to raise its benchmark interest rate. Patel believes that this monetary tightening strengthened the yen and caused Japan’s Nikkei stock index to drop. Meanwhile, the US Federal Reserve kept its rates unchanged, and escalating tensions between Iran and Israel further pressured the market. As per Patel, Bitcoin’s next support level is at $53,200, with resistance at $55,800.

Ethereum (ETH), on the other hand, has faced a worse hit, tumbling over 18 per cent in the last 24 hours, with a weekly loss of 30 per cent. ETH was quoted trading at $2,358.66, over 51 per cent lower than its all-time high of $4,891.70. ETH has traded in the range of $2,122.55 (low) to $2,923.47 (high) in the last 24 hours.

Meanwhile, Binance Coin (BNB) plunged over 20 per cent in the last 24 hours and nearly 30 per cent in the last seven days. BNB was last quoted at around $417.85, 42 per cent lower than its all-time high of $720.67. It has traded in the range of $407.52 (low) to $528.69 (high) in the last 24 hours.

Global equity markets fall

Benchmark equity indices are trading lower amidst negative sentiments. The BSE Sensex was quoted at around 78,838, down 2,143 points or 2.65 per cent, while the Nifty was down 631.45 points or 2.55 per cent at 24,086.

In the Asia-Pacific region, all major equity indices settled in the red, with Japan’s Nikkei 225 tumbling over 12 per cent. Asia Dow, Hang Seng, and Shanghai also closed lower on Monday. This decline follows a sharp fall in US Wall Street indices last Friday, with declines of up to 2.43 per cent after a soft jobs report raised fears of an oncoming recession.

First Published: Aug 05 2024 | 2:46 PM IST