Bitcoin Fell Below $53,000 And Does Not Stop With The Losses

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Cryptodnes2024/08/05 05:48

By:Cryptodnes

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The cryptocurrency market dropped significantly on Sunday, with investors selling risky assets.

Over the past 24 hours, Bitcoin has fallen by just over 13% and Ethereum by 21%, causing the total value of cryptocurrencies to drop by over $270 billion, or just over 12%.

This sell-off in the crypto market coincided with a broader decline in Asia-Pacific equities. Japan’s Nikkei 225 fell as much as 7%, extending losses from the previous week after the Bank of Japan raised its key interest rate to a 16-year high. In the US, the Nasdaq fell 3.4% last week, entering correction territory and marking its worst three-week period since September 2022. Amazon and Nvidia contributed to this decline.

The stocks’ recent decline was due in part to disappointing earnings, a weaker-than-expected employment report, higher unemployment, and a declining manufacturing sector. The U.S. Federal Reserve kept its benchmark interest rate steady and did not promise a September rate cut, which many market experts had expected.

The price of Bitcoin reached its lowest level since February, trading around $52,850 at the time of writing.

Ethereum fell to around $2,290, erasing its gains for the year. BNB and Solana also saw significant declines, down over 17.8% and 16.2% respectively, and Dogecoin down as much as 15%.

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