News – August 5, 2024 – 10:35
Bitcoin (BTC) is down 19 percent on Monday, and altcoins are also seeing a bloodbath. For a while, the Bitcoin price seemed to stabilize at $70,000, but the price dropped to $60,000 in recent weeks, and this morning it even traded at $50,000.
Ethereum is down as much as 21 percent in the past 24 hours, Solana (SOL) is down 19 percent and Cardano (ADA) is down 16.4 percent. Bitcoin is at its lowest price since February.
In total, $290 billion worth of value has evaporated from the crypto market over the past 24 hours.
The unrest on traditional markets is the main cause. Last Friday, the stock markets turned red due to fears of a recession. Disappointing employment figures in the United States are making investors nervous. The Japanese stock market also opened in the red today, with the largest daily loss ever. The AEX in Amsterdam is now down more than 3 percent at 849 points. The main index already lost more than 3 percent on Friday.
Tech companies ASML, Besi and ASMI in particular are falling further. Chip manufacturers are being criticized for doubts about the hype surrounding AI.
