On August 5, 2024, Bitcoin (BTC) fell more than 12% in the last 24 hours, leading to the liquidation of more than $1 billion in digital asset futures contracts, according to CoinGlass. About $908 million of these contracts were betting on BTC rising, but the drop in prices since last Friday (2) triggered a spiral of liquidations.
The fear & greed index has returned to âfearâ territory, indicating a reduced willingness among investors to take risks in the short term.
Performance of the Top Ten Cryptocurrencies
| Name | Price (US$) | 24h % | 7d % | YTD % |
|-----------------|-------------|--------|--------|---------|
| Bitcoin (BTC) | 52.720,97 | -13,06%| -24,09%| 24,69% |
| Ethereum (ETH) | 2.322,94 | -20,11%| -31,30%| 1,80% |
| Tether (USDT) | 1,00 | -0,06% | 0,03% | 0,03% |
| BNB (BNB) | 446,30 | -15,15%| -24,74%| 42,87% |
| Solana (SOL) | 121.34 | -15.13%| -36.67%| 19.53% |
| USDC (USDC) | 0,999 | 0,01% | 0,01% | 0,02% |
| XRP (XRP) | 0,4678 | -14,71%| -22,92%| -23,94% |
| Toncoin (TON) | 5,29 | -11,36%| -21,95%| 129,07% |
| Dogecoin (DOGE) | 0,08707 | -18,62%| -35,28%| 2,69% |
| Cardano (ADA) | 0.3031 | -15.57%| -27.93%| 48.98% |
Since last Friday, investors have been worried that monetary tightening in the US is affecting the economy. With interest rates high between 5.25% and 5.50% per year, there are signs of recession. Jerome Powell, chairman of the Federal Reserve, suggested cuts in September, but without firmness.
Recent economic activity data has indicated a struggle, leading to a sell-off in risk assets, especially in technology companies. Shares of Tesla, Microsoft, Nvidia and Apple have fallen by 7.8%, 10.4%, 4.3% and 8.7%, respectively. This has also affected cryptocurrencies, which are seen as technology assets, leading to a sharp drop in Bitcoin.
The cryptocurrency market is experiencing significant volatility due to economic concerns and futures contract liquidations. Investors should be prepared for continued fluctuations as the market adjusts to global economic conditions.
