On Monday, August 5, Bitcoin showed a drop of 10%. This comes after the worst week since the FTX crash in 2022. As Bloomberg analysts write, BTC is under pressure due to risk aversion in global markets. The current collapse of the cryptocurrency market has caused the overall market capitalization to drop by 4%. Traders began to panic to get rid of assets, fearing a recession and even greater economic uncertainty. Thus, Ethereum (ETH) dropped below $3,000. Altcoins also suffer significant losses.
Both Bitcoin and Ethereum have experienced significant outflows. This led to a rather nervous situation in the market. Bitcoin experienced an outflow of $237.4 million on August 2, and the total amount for the week was fixed at $80.4 million. Ethereum had an outflow of $54.3 million per day and $169.4 million per week.
The record high for the price of Bitcoin was recorded in March - $73,800. The turmoil began, among other things, when the “pro-cryptocurrency” Republican Donald Trump and Vice President Kamala Harris entered the election race. In addition, there is a risk of excess supply due to the return of the MT.Gox exchange, which went bankrupt in 2014, to creditors.
