From Investing.com

August 5, 2024 3:00 PM:

Long-time DeFi researcher Miles Deutscher analyzes the reasons behind the ongoing crypto bloodbath, citing global macro catalysts and major crypto-specific developments as main factors.

Analyst Miles Deutscher points to geopolitical tensions and sentiment changes in the U.S. Presidential Election race as major catalysts for the recent crypto capitalization drop.

The unwinding of the Japanese yen and alarming U.S. unemployment rates, along with recession fears and Mt. Gox compensation distribution, have all contributed to the current market turmoil.

A trader on Huobi saw their $27 million BTC long position liquidated in the midst of the market downturn, with total liquidations reaching $1.2 billion in the last 24 hours.

Jump Crypto allegedly liquidated over 120,000 wETH from Lido Finance, while a mysterious whale moved $120 million in SOL to Coinbase Prime, further adding to the market’s woes.

Read more at Investing.com: Reasons Shared by Seasoned Expert By U.Today