Bitcoin drops to $52,000 in market sell-off

The world’s largest cryptocurrency by market cap, Bitcoin, dropped to $52,000 amid a market sell-off on Monday.

The price of the digital asset dropped significantly by 13 per cent in 24 hours.

The cryptocurrency dipped from $60,752 on August 4, to $52,312 on August 5, according to CoinMarketCap, a price-tracking website for crypto assets.

Similarly, the price of other cryptocurrencies also experienced a downswing. The price of Ethereum fell from $2,905 on August 4 to $2,261 on August 5 — a decline of 22.46 per cent in 24 hours.

CoinMarketCap also said the global cryptocurrency market cap shrank to $1.85 trillion, after recording a reduction of over $184.39 billion or 14.06 per cent in the last 24 hours.

Bitcoin, the world’s largest cryptocurrency by market cap, dropped to $52,000 amid a market sell-off on Monday.

The price of the digital asset fell by 13 per cent in just 24 hours.

Bitcoin declined from $60,752 on August 4 to $52,312 on August 5, according to CoinMarketCap, a price-tracking website for crypto assets.

Similarly, other cryptocurrencies experienced a downswing. The price of Ethereum fell from $2,905 on August 4 to $2,261 on August 5, a decline of 22.46 per cent in 24 hours.

CoinMarketCap also reported that the global cryptocurrency market cap shrank to $1.85 trillion, losing over $184.39 billion, or 14.06 per cent, in the last 24 hours.

A report by the Economic Times stated that the dramatic drop was attributed to a hasty sell-off by investors due to geopolitical tensions, fears of a U.S. recession, and the global impact of the Yen’s appreciation following the Bank of Japan’s decision to raise interest rates to 0.25 per cent and reduce bond purchases.

On March 19, Standard Chartered Plc raised its 2024 forecast for Bitcoin (BTC) from $100,000 to $150,000.

Standard Chartered also predicted that BTC would reach an all-time high of $250,000 by 2025 before settling around $200,000.

On March 11, Bitcoin crossed $71,000 for the first time in two years.