Here are the biggest losers (Market Watch)

The last few days turned out to be the worst in bitcoin’s recent history, as the asset fell from $66,000 to less than $50,000 from Friday to Monday morning.

The situation for altcoins is even worse, with multiple double-digit losers on a daily and weekly basis.

BTC crash

It was precisely seven days ago that the BTC bulls had everything under control as they pushed the asset to a multi-week high of $70,000. However, it is difficult to understand what happened in the next 168 hours.

Bitcoin lost its momentum almost immediately last Monday and fell to $66,000. It remained there for a few days but resumed its decline on Thursday and especially on Friday. Amid growing economic uncertainty for the United States and other countries, BTC alongside Wall Street poured heavily.

The weekend saw even more painful declines. On Sunday morning, the cryptocurrency fell below $60,000 for the first time in three weeks. Later in the evening, it poured in at $57,000.

However, the worst, at least for now, was in store for Monday morning as bitcoin fell to just under $50,000, marking its lowest price position since mid-February. Liquidations soared to more than $1 billion, with nearly 300,000 traders shipwrecked.

Despite recovering a few thousand since then and now trading near $53,000, BTC is still down 12% on the day and 24% over the past seven days. Its market capitalization has shrunk to $1.05 trillion, while its hold on the highs has soared to 53.7%.

Bitcoin/Price/Chart 08/05/2024. Source: TradingView Altcoins covered in red

It almost seems like a repeat now, but the performance of altcoins has been even worse. The daily landscape looks like a horror show. Amidst speculation about Jump Crypto liquidating its ETH positions, the price of Ethereum fell 20% and now sits just inches above $2,300.

Binance Coin, Solana, Ripple, Dogecoin, Toncoin, Avalanche, Shiba Inu, Bitcoin Cash and Chainlink are just some of the highs with double-digit price losses since yesterday.

The situation is much worse if we look at the last seven days, with WIF losing 52% of its value in this time period, BRETT 48%, AR 45%, PEPE 44%, etc.

The cumulative market cap of all crypto assets has lost $500 billion since Friday. The metric dipped below $2 trillion for the first time in six months.

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