- Bitcoin slipped below the $50,000 support early on Monday as stock markets around the world tumbled and bonds rallied amidst recession fears.
- The crypto market noted $1.06 billion in liquidations in the past 24 hours, per Coinglass data.
- Bitcoin crashed alongside US stocks even as the 30-day Pearson correlation with the Nasdaq composite and S&P 500 is negative.
- Bitcoin could extend losses by another 12% and sweep liquidity below $47,000 before beginning a recovery.
Crypto market capitalization dipped by 15% in the past 24 hours, according to CoinGecko data, down to $1.89 trillion at the time of writing on Monday. Bitcoin suffered a steep correction alongside the S&P 500 and the Nasdaq Composite despite having a negative 30-day correlation, per IntoTheBlock data.
Bitcoin dipped under $50,000, and the biggest cryptocurrency by market capitalization is likely to extend losses further.
Data from Coinglass shows that 24-hour liquidations in crypto exceed $1 billion, one of the biggest liquidation events since the FTX exchange collapsed.
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