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🤯 Tron Founder Justin Sun Bursts Rumors of Leverage Trading Liquidations

Tron founder Justin Sun said that he and his team largely engage in leverage trading positions and instead focuses on blockchain development.

The 18% drop in the broader crypto market over the past 24 hours has sent major shockwaves leading to huge liquidations in the leveraged positions. With the Ethereum price tanking over 20%, several rumors started floating that Tron founder Justin Sun got rekt with more than $152 million in liquidations of the leveraged positions. However, the Tron founder denied these developments clearing the air on the liquidation process.

🚨 US Fed Calls Emergency Meeting As Japan Markets Collapse

The U.S. Fed called for an emergency meeting today as the Japanese markets collapsed, triggering a worldwide panic selloff. Experts expect a 50 bps rate cut after the meeting.

In an unprecedented move, the U.S. Federal Reserve (Fed) has reportedly called for an emergency meeting today. This meeting aims to reassess interest rates as global markets experience severe downturns. Moreover, analysts expect a Fed rate cut by 50 basis points (bps) after the meeting.

📢 Elon Musk Renews Lawsuit Against Sam Altman’s OpenAI

Elon Musk renewed a lawsuit against Sam Altman's OpenAI as the AI giant breached its founding contract and prioritized commercialization.

The renowned American entrepreneur Elon Musk has once again made global headlines, re-escalating a lawsuit against Sam Altman’s OpenAI. According to a recent report, the Tesla and SpaceX lead is again suing the AI giant and its co-founders Sam Altman and Greg Brockman over breachment of the company’s founding contract. With the abovementioned lawsuit’s refiling, the six-year-old feud that began with OpenAI’s collaboration with Microsoft takes a new turn.

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📊 Crypto Prices Today August 5: BTC Tanks 10%, ETH Crashes 20%, & Altcoins In Bearish State

BTC tumbles to reach the $54K mark, ETH price crashed nearly 20% amid Jump Trading's dumps. Meanwhile, US Fed announced an emergency meet for rate cuts.

The crypto prices today have taken an alarmingly bearish turn, sparking severe concerns among market participants. Bitcoin (BTC) price tanked over 10% to rest at the $54K mark today. Ethereum’s (ETH) price crashed by nearly 20%. Meanwhile, the altcoin market mainly followed the bearish momentum.

Simultaneously, the global crypto market cap plunged 12.50% to $1.89 trillion today. Nonetheless, the total crypto market volume saw an 86.72% increase to $124.44 billion.

Here’s an overview of some of the highest-ranking cryptocurrencies by market cap and their price movements today, August 5.

⚠️ Crypto Crash: Liquidations Cross $1 Billion As Japan’s Nikkei Drops 13%

With Japan's Nikkei tanking by more than 13% today, the entire crypto market cap is down by 15%. BTC price dropped all the way to $50,000.

There’s too much blood on Satoshi Street currently with the broader crypto market crashing by 18.1% with more than $400 billion eroded from the crypto market in the last few hours. The crypto sell-off has intensified in the Asian trading hours as Japan’s Nikkei crashed another 13% in the early trading hours on Monday, August 5. The recent crash of Nikkei has extended the index loss to more than 20% from the July top.

📉 Reasons Why Bitcoin Price Crash Could Continue

Bitcoin price crash has wiped 30% of BTC market capitalization and is likely to continue amid worsening macroeconomic conditions

The recent Bitcoin price crash can be attributed to worsening macroeconomic conditions. Specifically, the Bank of Japan (BOJ) raising interest rates on July 31 and a weak jobs report on August 2 triggered the recent spiraling of cryptos.