- Bitcoin dips below $50k for the first time in 6 months
- ETH down 22.24%
- Global crypto market down 15.98% in 24 hours
The global cryptocurrency market is witnessing its worst dip since February 2024 as major coins, including Bitcoin and Ethereum, experience massive declines.
Earlier today (August 5, 2024, at about 7:20am a.m. WAT), Bitcoin crashed to a six months low of $49,513, with a 24-hour trading volume of $61.5 billion. On the other hand, Ethereum crashed to a 2024-low of $2,171 at about the same time, with a trading volume of $45.7 billion, according to Coinmarketcap data.
Bitcoin's 24-hour price movement. Source: Coinmarketcap
At the time of writing, the coins had shrugged off the dip a little, but they were still massively down. Ethereum was trading at $2,264, down 22.24% in just one day. The market cap was $272.03 billion, down 22.18%. Ironically, the trading volume for the past 24 hours stood at $57.34 billion, an increment of 261.15%. Despite the increment, the volume of trade has declined, given that when the coin dipped below $2200, the volume of trade at the time was $61.5 billion.
Ethereum's 24-hour price movement. Source: Coinmarketcap
For Bitcoin, at the time of writing, it was trading at $51,089.26, down 16.16%. The market cap was also down 16.33% at $1.01, while the 24-hour volume of trade was in the green: up 201.62% at $82.52 billion. The trade volume trajectory was positive and showed a significant difference between the numbers when it traded below $50k ($61.5 billion) and the volume at the time of writing ($82.52 billion).
The red numbers are not just limited to these top two coins; altcoins were not left out. For instance, XRP was trading at $0.4429, down 18.94%; Doge was trading at $0.08131, down 24.51%; and Solana was trading at $111.62, down 22.43%.
This market-wide crash has undeniably had massive impact on the global crypto market. The global crypto market cap was, at the time of writing, $1.81 billion, a massive 15.98% decrease over the last day. The total market volume over the last 24 hours was $196.27 billion, an impressive 202.75% increase—obviously the only thing to cheer about at the moment.
Notedly, stable coins make up a chunk (94.00%) of the total volume of trade in the market, with $184.49 billion of the total of $196.27 billion.
Trump raises $25 million in campaign funds at Bitcoin 2024 conference
Meanwhile, TheRadar earlier reported that former United States President and Republican Party nominee for the forthcoming November presidential election, Donald Trump, has raised $25 million to boost his campaign activities. The funds was raised during the Bitcoin 2024 conference in Nashville. This is according to Bitcoin Magazine CEO David Bailey.
The funds was raised after his much-expected speech on Saturday at the venue of the conference, Music City Center. The raiser had about 100 people in attendance and was organised in part by Senator Bill Hagerty.
