Bitcoin (BTC) tumbled below $50,000 during the early Asian trading hours on Aug. 5 as risk-off sentiment gripped global markets. Bitcoin is down nearly 31% over the last three days in a “once in a 7-10 yr event” that has left analysts with mixed opinions on whether BTC will recover in the short term. Bitcoin’s drop below $50,000 has seen more than $500 billion wiped out of the crypto market in just 24 hours, accompanied by the liquidation of many leverage positions. According to data from Coinglass, approximately $1.08 billion worth of leverage positions have been liquidated across derivatives…