Bitcoin price fell to as low as $52,500 on August 5, in a sudden drop that saw BTC fall 10% from $58,350 in less than two hours.
Bitcoin has regained some value since the flash crash and is trading at $54,384 at the time of writing, according to TradingViewdata .
The last time BTC traded below $53,000 was on February 26 of this year, when prices rose following the approval of spot Bitcoin ETFs in the United States.
The price of Ether (ETH) also plummeted, falling 18% from $2,695 to a low of $2,118 during the same time frame. ETH has recovered slightly and is currently trading at $2,358 at the time of writing, according to TradingViewdata .
According to data of CoinGlass, this sharp decline has caused more than 740 million USD in leverage to be wiped out across the cryptocurrency market in the past 24 hours.
Notably, traders looking to leverage Ether were the hardest hit, with over $256 million in ETH Longing positions wiped out, while $231 million in BTC Longing positions were wiped out. liquidated.
Over the past few months, open interest for ETH has increased significantly as traders flocked to gain exposure to the asset before and after spot Ether ETFs were approved in the United States.
The sharp decline in Cryptoasset prices comes amid a sharp sell-off in the Japanese stock market, the Nikkei 225, currently down 7.1% in early trading hours of the day.
On August 2, Japanese bank stocks recorded their worst day since 2008, hit by the country's central bank's decision to raise interest rates.
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