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First Mover Americas: Bitcoin Crashes to $50K as 'Perfect Storm' Hits Crypto Market
The latest price moves in crypto markets in context for Aug 5, 2024.

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Latest News: Bitcoin Jumps Above $56K, Solana Leads Recovery From Monday's Rout
Cryptos crashed as risk-off sentiment permeated global markets. Bitcoin BTC
Crypto-related company stocks slid with digital asset prices. Crypto exchange Coinbase (COIN) dropped more than 9% in U.S. pre-market trading, while MicroStrategy (MSTR), which has a policy of buying bitcoin and holds more than 1% of the total supply that will ever be issued, lost 13%. CoinShares, a crypto asset manager, fell 7.5% in Sweden. U.S.-listed miners Marathon Digital (MARA) and Iren (IREN) both lost almost 14%, Hut 8 (HUT) fell 12% and Riot Platforms (RIOT) lost 11%.
Derivatives traders suffered a massive leverage wipeout as prices crashed. Crypto-tracking futures recorded over $1 billion in liquidations in the past 24 hours, CoinGlass data shows. Ether futures recorded over $340 million in liquidated bets and bitcoin futures losses led at $420 million. Futures tracking Solana’s SOL, dogecoin DOGE
Chart of the Day

- The chart shows bitcoin's six-month skew, measuring the spread between prices on calls and puts.
- The positive value indicates that long-term bias remains bullish amid the price crash to $50,000.
- A call offers an asymmetric upside to the buyer and represents a bullish bet on the market.
- Source: Amberdata
- Omkar Godbole
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Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.

Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
