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Home»Stock Market»Bitcoin Plunges, Ether Has Worst Drop Since 2021 as Crypto Sinks
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Bitcoin Plunges, Ether Has Worst Drop Since 2021 as Crypto Sinks

August 4, 2024No Comments2 Mins Read
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(Reuters) — The cryptocurrency market experienced significant turbulence on Monday as global market sentiment turned risk-averse, leading to a sharp drop in prices. Bitcoin plummeted by more than 10%, while Ether, the second-largest cryptocurrency, saw its most significant decline since 2021.

Bitcoin was trading 8.5% lower at $54,100 as of 10:40 a.m. in Singapore, following a 13.1% decline last week. Ether also lost over 20% of its value before partially recovering to $2,275. The majority of major cryptocurrencies were in the red.

The market downturn coincides with a broader sell-off in global stocks amid concerns about the economic outlook and doubts about the potential of heavy investments in artificial intelligence. Geopolitical tensions in the Middle East are further adding to investor unease.

US exchange-traded funds linked to Bitcoin saw their largest outflows in three months on August 2. The question now is whether these products will attract buyers looking to capitalize on the dip or face further sell-offs.

Hayden Hughes, head of crypto investments at Evergreen Growth, attributed part of the slump in digital assets to the unwinding yen carry trade as speculators adjust to higher interest rates in Japan.

Bond traders are increasingly betting on US interest rate cuts to support economic growth, which could have a positive impact on the crypto market, according to Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC.

The recent price drop has left Bitcoin at levels last seen in February, while Ether has retreated to prices from earlier in the year. Rumors of institutional selling of Ether-related assets on social media have fueled concerns.

Approximately $700 million worth of bullish crypto positions using derivatives were liquidated in the past 24 hours, indicating that leveraged bets are facing challenges.

Khushboo Khullar, a venture partner at Lightning Ventures, noted that the broader stock market decline had triggered panic selling, leading investors to seek liquidity to cover margin calls. She viewed the crypto market correction as a buying opportunity.

Bitcoin’s year-to-date gains have moderated to around 24%, outperforming gold and global stocks.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

Bitcoin Crypto Drop Ether Plunges Sinks worst
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