• Home 1
  • Privacy Policy
LSD News
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
LSD News
No Result
View All Result
Home Tech

Bitcoin drops below $50,000 for the first time since February

by
August 5, 2024
in Tech
0
Bitcoin drops below ,000 for the first time since February
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Bitcoin fell sharply after a sell-off of major U.S. stock indices. Bitcoin has been correlated closely to the price movement of the Nasdaq index.

Luke MacGregor  | Bloomberg | Getty Images

Cryptocurrencies tumbled amid a global market sell-off spurred by recession fears.

The price of bitcoin sank more than 14% on Monday to $50,759.96, according to Coin Metrics, and is on pace for its worst day since June 2022. At one point, it fell to $49,111.10 — its lowest level since Feb. 13.

Bitcoin has lost nearly 18% since Saturday. A week ago, on July 20, it climbed as high as $69,982.

“Thirty percent slumps, as scary as they are, are par for the course during bull markets and it’s encouraging bitcoin bounced back above $50,000,” said Nexo co-founder Antoni Trenchev. “But make no mistake, we are in a choppy, volatile market environment … the moment to turn bullish will be when bitcoin retakes its 200-day moving average, which typically tells us if we are in a bull or bear market, at $61,500.”

Ether losses were even steeper. The crypto asset dropped 17% to $2,259.35, bringing its three-day loss to 24% and erasing its 2024 gain.

Crypto stocks were among the hardest hit. Coinbase took a 18% dip, while MicroStrategy slid nearly 22%. Mining stocks suffered double digit losses too.

The moves follow a broader market sell-off that began last week, when a weaker-than-anticipated July jobs report renewed investor fears of a recession. The tech-heavy Nasdaq Composite entered a correction. Japan stocks entered a bear market Monday after plunging more than 12% overnight — its worst one-day sell-off since 1987.

Stock Chart IconStock chart icon

Bitcoin has tumbled more than 15% since Saturday.

“Until last Wednesday, everybody was thinking that inflation was going down gradually and the economy was relatively strong, so the Fed would start cutting rates with successful soft landing of the economy,” Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank. “However, July’s U.S. manufacturing PMI and jobs report came in way weaker than the market expected – and now [investors] are worrying about the possibility of recession and dumping risk assets.”

“That said … the market’s reaction has been a tad excessive, given there is no absolute evidence that the economy is in recession yet,” he continued. “We will likely see some recoil this week.”

On top of economic and geopolitical concerns, crypto investors have been contending with sell pressure from Mt. Gox distributions and decreasing odds of a second Donald Trump presidency in the U.S. Polls on Polymarket, an Ethereum-based prediction market platform, show the gap between Trump and Kamala Harris has narrowed significantly since President Joe Biden dropped out of the race on July 21.

Bitcoin is already down about 22% for the month of August, a typically sluggish month for risk assets, and below the $55,000 floor that has supported it for much of the year. If it fails to recover it could be its worst month since June 2022, when it lost about 37%.

Bitcoin is still holding onto a year-to-date gain of 20%.

—Gina Francolla contributed reporting.

Don’t miss these cryptocurrency insights from CNBC PRO:

Tags: BitcoinBitcoin/USD Coin MetricsBreaking News: InvestingBreaking News: Marketsbusiness newsCoinbase Global IncCryptocurrencydropsEthereum/USD Coin MetricsFebruaryInvestment strategyMarketsMicrostrategy IncTechnologytime
Previous Post

Ethereum Seeing High Exchange Outflows, But Watch Out For This Bearish Signal

Next Post

Apple shares drop 5% after Warren Buffett’s Berkshire Hathaway slashes stake by half

Next Post
Apple shares drop 5% after Warren Buffett’s Berkshire Hathaway slashes stake by half

Apple shares drop 5% after Warren Buffett's Berkshire Hathaway slashes stake by half

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 139 Followers
  • 205k Subscribers
  • 23.9k Followers
  • 99 Subscribers
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Hawaii officials work to address mental health challenges facing wildfire survivors

Hawaii officials work to address mental health challenges facing wildfire survivors

August 17, 2023
Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

August 10, 2023
Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

July 16, 2023
Gen Z is the worst at connecting with their grandparents, but building a better relationship could help fight loneliness. How to start

Gen Z is the worst at connecting with their grandparents, but building a better relationship could help fight loneliness. How to start

October 7, 2023
Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

5
Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye

5
Why Cristiano Ronaldo’s move to Saudi Arabia means so much for the Gulf monarchy’s sporting ambitions | CNN

Why Cristiano Ronaldo’s move to Saudi Arabia means so much for the Gulf monarchy’s sporting ambitions | CNN

3
Georgia realtor receives invitation to play the Masters by mistake | CNN

Georgia realtor receives invitation to play the Masters by mistake | CNN

1
New Stellantis CEO taps Kuniskis to oversee American brands, brings back SRT division

New Stellantis CEO taps Kuniskis to oversee American brands, brings back SRT division

July 3, 2025
Bangladesh ex-PM Hasina gets six-month prison sentence in absentia

Bangladesh ex-PM Hasina gets six-month prison sentence in absentia

July 3, 2025
U.S. citizen billed .7 million by government for life-saving burn treatment:

U.S. citizen billed $1.7 million by government for life-saving burn treatment:

July 3, 2025
SBI breaks out of triangle pattern; SMC recommends a buy

SBI breaks out of triangle pattern; SMC recommends a buy

July 3, 2025

Recent News

New Stellantis CEO taps Kuniskis to oversee American brands, brings back SRT division

New Stellantis CEO taps Kuniskis to oversee American brands, brings back SRT division

July 3, 2025
Bangladesh ex-PM Hasina gets six-month prison sentence in absentia

Bangladesh ex-PM Hasina gets six-month prison sentence in absentia

July 3, 2025
U.S. citizen billed .7 million by government for life-saving burn treatment:

U.S. citizen billed $1.7 million by government for life-saving burn treatment:

July 3, 2025
SBI breaks out of triangle pattern; SMC recommends a buy

SBI breaks out of triangle pattern; SMC recommends a buy

July 3, 2025

We bring the latest news from all over the world and get all time updated you

Follow Us

Browse by Category

  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
  • Uncategorized

Recent News

New Stellantis CEO taps Kuniskis to oversee American brands, brings back SRT division

New Stellantis CEO taps Kuniskis to oversee American brands, brings back SRT division

July 3, 2025
Bangladesh ex-PM Hasina gets six-month prison sentence in absentia

Bangladesh ex-PM Hasina gets six-month prison sentence in absentia

July 3, 2025
No Result
View All Result
  • Home 1
  • Privacy Policy

© 2024 LSD News title="Jegtheme">Jegtheme.