Bitcoin (BTC) Price Today Dips Below $50K, Liquidations Hit $1B as Recession Fears Grow

The disappointment does not seem to end as Bitcoin touched the $50K region this Monday. Just a few minutes after we posted our latest report on the ongoing

Bitcoin (BTC) continued its downward spiral on Monday, briefly dipping below the $50,000 mark as part of a broader crypto sell-off that saw nearly $1.05 billion in positions liquidated within 24 hours.

The apex crypto touched a low of $49,121.24 during theの時間帯, extending its losses to almost 20% from a high of $61,058.94 on Sunday. The downturn brought BTC’s market capitalization down to $1.01 trillion, with 19.74 million coins in circulation.

This marks a significant drop from last week’s highs of nearly $70,000 per BTC, which pushed the market cap to around $1.38 trillion.

According to data from Coinglass, BTC overtook Ethereum (ETH) in terms of liquidations, with $355.63 million compared to ETH’s $343.21 million.

A closer look at the figures reveals that the BTC ecosystem lost $300.96 million in longs and $54.67 million in shorts during theの時間帯.

Economic and Political Tensions Impact the Market

Analysts largely attribute the sell-off to fears of a US recession and brewing geopolitical tensions, which are not only impacting crypto but also the stock market.

While the US Federal Reserve promised a possible interest rate cut by September on the back of more favorable inflation readings in June, investors are concerned about rising unemployment rates, which went from 4.1% in June to 4.3% in July.

This has put industry watchers on edge regarding a potential economic recession.

On another front, the reported death of Hamas leader Ismail Haniyeh has heightened tensions in the Middle East.

As a result, investments in the region could be affected by the political turmoil, which might also influence the price of oil. This could, in turn, impact investments in assets related to the commodity, making them more favorable compared to other stocks or crypto.

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