Cryptocurrencies, which would have been expected to fall by a greater amount than equities anyway, had their own negative drivers, including impending Mt. Gox fallout, mixed spot digital asset ETF flows, a rising appreciation that pro-crypto Trump candidacy isn’t a lock, and reports of a large market maker dumping hundreds of millions of dollars of crypto during the panic’s peak. All in, Bitcoin touched $49,200, down 30% from just a week earlier, while Ethereum fell below $2,200, dropping 35% over that time.
Source: https://www.coindesk.com/markets/2024/08/14/the-anatomy-of-a-meltdown-and-just-btfd/?utm_medium=referral&utm_source=rss&utm_campaign=headlines