Bitcoin Price Prediction as Crash Below $50,000 Wipes Out $1 Billion in Leveraged Longs
Bitcoin (BTC) began the week with a sharp decline, dropping below $50,000 and reaching an intraday low of $49,513. This fall was primarily triggered by widespread sell-offs in financial markets, spurred by fears of a global recession and escalating Middle East tensions.
The recent liquidation of over $740 million in leveraged trades, predominantly long positions, highlights investor anxiety. As market volatility persists, Bitcoin’s price prediction remains uncertain, influenced by economic data and geopolitical events.
The recent downturn in the cryptocurrency market is largely due to growing concerns over a potential U.S. recession. This worry arises from last week’s disappointing job data and weak tech earnings.
In July, U.S. Nonfarm Payrolls increased by only 114,000, falling short of the expected 175,000 and down from 179,000 in June.
There are 6 major reasons of crypto market dump
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