After a supposed resounding performance for the crypto market, it saw a massive crash at the end of the first week of August, but this catastrophe continues now. In the latest reports, the crypto industry was regarded to have lost as much as $528 billion in only the past three days, and despite closing the week out with low numbers, another crash followed this Sunday.
Crypto Crash August: The Catastrophe Continues with $528 Billion Lost
(Photo : frimufilms on Freepik)
CoinShares revealed that as of August 5 (via Cointelegraph), the crypto industry already lost $528 billion collectively,following a massive recession in the US.
August's start is off to a bad one for crypto, particularly as it already saw top coins going on a nosedive, but it continued in the following days. It was only earlier today when Bitcoin was at $60,000, but it dropped to its lowest of $49,000.
Furthermore, analysts are expecting further challenges in the future, with its downward trend continuing.
Top Ten Crypto Price Crash: BTC, ETH, BNB, XRP, and MORE
(Photo : Maxim Hopman on Unsplash)
Based on CoinMarketCap's charts, Bitcoin saw a significant crash over the weekend, as while it fell from $66,000 to $60k, it was only on August 3 to August 4's 24-hour period where it plunged to $49,000, its lowest, from $60,000. The top coin is currently at $51,000, seeing a 25 percent drop over the past week and 15 percent over the past 24 hours.
On the other hand, Ethereum which was at $3,300 last week, is now at $2,300, give or take, with a 30 percent crash over the weekend.
Binance's BNB also saw a 26 percent drop, Solana with a 35 percent loss, XRP with a 22 percent drop, Dogecoin crashing 32 percent, Toncoin with a 24.5 percent crash, and Cardano with a 26 percent fall, all centering in the past seven-day graph.
Stablecoins remain strong, with USDT and USDC remaining at the $1 market price.
Cryptocurrency's Dwindling Performance in the Past Weeks
Early July saw a significant drop for the top crypto in the world, Bitcoin, as at one point, it was lounging at around $66,000, it saw a crash to its lowest valuation at $53,000. This was regarded to have been caused by Mt. Gox's repayments, a defunct BTC-focused exchange platform from Japan, but has since climbed within the month to its previous footing.
However, there were significant beliefs that Bitcoin and the entire crypto market would make a comeback, centering on bullish runs from investors, as well as speculation on Donald J. Trump's campaign. This was later confirmed via his massive announcements during the Bitcoin Conference, with Trump promising a crypto-centered and Bitcoin-focused America if he wins.
Despite the expectations that this would help improve more of crypto's footing, another event swept the rag underneath the industry as the stock market crash took place. August's start is a bitter one for cryptocurrency as the crash continues, seeing abrupt downfalls from the top ten cryptos, and red graphs all around.
