Bitcoin dominance, a measure of relative market share, hit 58% this year, its highest level since the start of the year. The figure comes amid a sharp decline in both cryptocurrency and stock markets.
On the same day, Bitcoin fell below $50,000 (approximately 7.14 million yen) for the first time since February of this year. The total market capitalization of the virtual currency market also fell by more than 17% from approximately $2.16 trillion (approximately 308.5346 trillion yen).
The cryptocurrency market has been on a downward trend, with its value dropping to $1.78 trillion (approximately 254.4455 trillion yen). It is understood that various negative factors have had an even influence on the downward trend of cryptocurrencies.
Kadoya and others cited a decline in former President Donald Trump's chances of winning, concerns about an economic slowdown, a stock market correction, a strong yen, geopolitical tensions and the liquidation of futures positions as reasons for the decline.
The Korean stock market also crashed on the same day, suffering its worst day. The Kospi was down 8.77% from the previous trading day at 2441.55, while the Kosdaq was down 11.30% at 691.28.
As stock prices plummeted, the first stage of the circuit breaker (CB) was activated, temporarily halting stock trading on the COSSPI and KOSDAQ markets.
According to Cointelegraph, IG Markets (IG
"The drop is a sign that Bitcoin and crypto assets as a whole are at risk," said Tony Sycamore, an analyst at Markets.
"It's a reminder that we are at the 'sharp end' of the wealth spectrum," he said, "and the recession and fear of war are also to blame."
"Japan's Nikkei 225 plunged 8% in one day, and trading was suspended in South Korea.
"The huge sell-off in Asian markets has led to risk aversion in global markets," he added.
2024/08/05 17:21 KST
Copyright(C) BlockchainToday wowkorea.jp 117