You're contacting media contact of this press release

Title: Trade Wise Reports: Bitcoin Plummets in Unprecedented Crash, Ripple Effect Felt Across Cryptocurrency Market

United Kingdom, 8th Aug 2024, King NewsWire – The cryptocurrency market experienced a significant jolt in the last 24 hours as Bitcoin's price tumbled dramatically, echoing the severe volatility last seen during the Covid-19 pandemic market downturn. This latest crash, largely attributed to ongoing financial turbulence in Japan, has not only dragged Bitcoin down but also wreaked havoc on other major cryptocurrencies like Ethereum and Solana.Bitcoin plunged below $50,000 for the first time since February, hitting a low of $49,351 before slightly rebounding to hover around $51,000​ (Cointelegraph)​ (Cointelegraph). The immediate trigger for this crash was a combination of Japan’s financial crisis and the resultant collapse in stock markets worldwide. Investors, already skittish from poor employment data in the US and sluggish tech stock growth, flocked to safer assets, leading to a sell-off in riskier holdings like cryptocurrencies​ (CryptoCurrency Facts).The ripple effects of Bitcoin's fall were quickly felt across the cryptocurrency spectrum. Ethereum, the second-largest cryptocurrency by market capitalization, saw its price plummet by nearly 20% within hours, recovering marginally to around $2,200 from a low of $2,172​ (Cointelegraph). Solana also took a substantial hit, dropping over 30% in just a few days as market fear and uncertainty led to widespread sell-offs​ (CryptoCurrency Facts).Market analysts are divided on whether the worst is over. Some suggest that Bitcoin could face further downside pressure, potentially testing the $50,000 support level or lower in the coming weeks​ (Cointelegraph). The ongoing bearish sentiment is fueled by various factors including the unwinding of carry trades in the Japanese stock market, increased scrutiny from the US Securities a...

This press release is issued by King Newswire