Bitcoin dips below $50K: Crypto market crashes 17%

BTC dominance hits 58% as the cryptocurrency market suffers a 17% drop, leading to a market cap of $1.76 trillion.

Bitcoin (BTC) ‘s price has fallen below $50,000 for the first time since February this year. It dropped to a low of $49,351 before bouncing back toward the $51,000 mark.

As BTC dominance hits 58% amid a collapse in both the altcoin and stock markets, over 17% of the cryptocurrency total market capitalization has been wiped away.

According to CoinMarketCap, the crypto market’s total market cap was roughly $2.16 trillion, but it has now fallen to a low of around $1.76 trillion.

Related: Bitcoin dominance hits 58% amid altcoin, stock market bloodbath

$600 million wiped in leveraged positions

In the early hours of Aug. 5, the start of the BTC price decline resulted in $600 million in leverage-long positions taken by traders being wiped out.

This crash in the market also saw Ether (ETH) plummet, losing almost 20% of its value within a time frame of just two hours.

At the time of writing, the price of ETH was roughly $2,200 after recovering from a low of $2,172 at 7:25 am UTC.

Related: Bitcoin crashes below $53K wiping out $600M in leveraged longs

This is a developing story, and further information will be added as it becomes available.