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The price of Bitcoin fell by 11% on Sunday August 4th, causing $370 million to be liquidated from the crypto markets in a span of 60 minutes.
This was likely due to cascading effects from a variety of events:
- The collapse of the Japanese stock market (Nikkei), which suffered the biggest 2-day drop in history, surpassing Black Monday.
- Berkshire Hathaway has been dumping more shares this quarter than ever before, including 50% of its Apple holdings. This is considered a major recession red flag.
- Trump’s overwhelming lead in the prediction markets has diminished because of Kamala’s momentum. Polymarket now shows Trump at 52% and Kamala at 44%.
- The US tipped off the G-7 that Iran might strike Israel within the next 24 hours, according to Axios.
