BITCOIN CRASHES BELOW $53,000 IN SUDDEN DROP, WIPING OUT LEVERAGED POSITIONS

Bitcoin experienced a sudden crash on August 5, dropping 10% from $58,350 to as low as $52,500 in under two hours.

It has since recovered slightly, trading at $54,384.

This marks the first time Bitcoin fell below $53,000 since February, after the approval of spot Bitcoin ETFs in the U.S.

The crash resulted in over $740 million in leveraged positions being liquidated across the crypto market, with Ether (ETH) traders hit hardest, losing over $256 million in ETH longs.