"Crypto Market in Free Fall: $400 Billion Wiped Out in Hours
The cryptocurrency market is experiencing a brutal sell-off, with a staggering 18.1% drop in the last few hours, resulting in over $400 billion in losses. The carnage has intensified during Asian trading hours, with Japan's Nikkei index plummeting 13% on Monday, August 5, extending its losses to over 20% since its July peak.
According to Coinglass data, crypto market liquidations have surged to $1 billion in the past 24 hours, with $900 million in long liquidations and $106 million in short liquidations, mostly occurring in the last 4 hours.
Bitcoin's price has plummeted over 15%, breaking below $50,500, while altcoins have suffered even deeper corrections, with Ethereum down 20% and other top altcoins losing between 15-20%.
Investors are reeling as the market bleeds, with no clear end in sight to the chaos. Will the crypto market stabilize, or is this just the beginning of a prolonged downturn?"
