BTC Dips Below $50K in Massive Market Correction!

The BTC price fell below $50K and hit a low of $49,351 before recovering.

Author

Danielle du Toit
August 05, 2024

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Here's what we've got for you today:

  • Bitcoin Dips Below $50K: Crypto Market Crashes 17%

  • Ethereum Wallet Growth Hits 2024 Low Amid Spot ETH ETF Launch

  • Jump Crypto Unstakes $315M of ETH, Now Headed for Exchanges

  • TRON’s Justin Sun: $110M Move Explained

The price of BTC has fallen below $50,000 for the first time since February.

  • Bitcoin's price has fallen below $50K for the first time since February, hitting a low of $49,351 before recovering to around $51,000.

  • BTC’s dominance has reached 58% as both altcoin and stock market prices plummet, and over 17% of the total crypto market cap has been wiped away.

  • The total crypto market cap has dropped from approximately $2.16 trillion to a low of around $1.76 trillion.

The seven-day moving average of new Ethereum wallets has plummeted to its lowest point since December of 2023.

  • This decrease isn't confined to new wallets alone. The average number of active Ethereum addresses and transactions have also seen declines, both hitting nearly six-month lows.

  • The launch of spot Ethereum ETFs coincides with the decrease in new wallet addresses, which could suggest a shift in investor behavior.

  • Spot Ethereum ETFs provide a regulated and convenient way for traditional investors to get some exposure to Ethereum. This convenience could be diverting new users from direct token purchases.

Jump Crypto, the crypto division of Jump Trading, has shifted hundreds of millions of dollars worth of crypto to exchanges.

  • Jump Crypto has moved huge amounts of crypto to exchanges, fueling speculation of a major asset sell-off.

  • Approximately $410 million of ETH has been unstaked, with $191 million already moved to crypto exchanges, according to EmberCN.

  • Jump Crypto still holds at least $125.8 million in staked ETH, including $116.1 million in wrapped-Lido Staked Ether (WSTETH).

Justin Sun was spotted moving about 110 million USDT to the crypto exchange HTX.

  • Sun moved the 110 million USDT to HTX, possibly to buy Ethereum (ETH) at its current low price.

  • After the move, the TRON blockchain founder also denied rumors that TRON may be liquidating their positions.

  • According to Sun, TRON very rarely engages in leveraged trading, which aligns with the platform's belief that these kinds of strategies do not benefit the crypto industry.

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