Technology News.. Today's Cryptocurrency Prices.. Bitcoin Declines and Losses Reach $270 Billion

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Cairo - Samia Sayed - From the US presidential conflict between Donald Trump and Kamala Harris to the collapse of the Japanese stock market, many macroeconomic factors were affecting the prices of crypto assets. Bitcoin today, Monday, August 5, reflected a 10.98% price decline on international exchanges, putting its trading value at $54,073, while the total value of cryptocurrencies fell by about $270 billion, according to CoinGecko data.

“Investors, fearing a prolonged downtrend, are reacting with increased volatility and panic. The price drop has led to the liquidation of nearly $600 million in leveraged long positions,” CoinSwitch’s market desk told Gadgets360, commenting on the market situation. This highlights the risks inherent in leveraged trading in crypto, where sudden price movements can result in significant losses for investors trapped in unfavorable positions.

Ether’s losses on Monday were higher compared to Bitcoin, as at the time of writing, the ETH price point was around $2,307 after the asset recorded a loss of more than 20% in the last 24 hours.

“While the sudden drop is concerning, history suggests that the market could recover quickly,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360. “The interest rate hike by the Bank of Japan led to this broad correction, impacting both crypto and traditional markets.”

Tether, Binance Coin, Solana, Ripple, Dogecoin, and Cardano registered losses alongside BTC and ETH on Monday, while Tron, Avalanche, Shiba Inu, Polkadot, Chainlink, Leo, and Litecoin joined the list of cryptocurrencies that lost ground on Monday.

The total market cap of the crypto sector has dropped by a significant 12.27% in the last 24 hours, bringing the crypto market cap to $1.89 trillion, according to CoinMarketCap data.

Judging by the historical trends in the cryptocurrency market, before the market forms a real bullish driver, it needs to experience a sharp decline to reduce long positions of the contract in order to reduce selling pressure for future rallies.

 

 

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