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Bitcoin Falls to Lowest Level Since August Amidst Global Market Turmoil

Bitcoin Falls to Lowest Level Since August Amidst Global Market Turmoil

CointimeCointime2024/09/04 03:30
By:Cointime

Bitcoin (BTC) experienced a sharp drop to $55,500, its lowest level since August 8, erasing almost all of its gains from the past month. The Institute for Supply Management's manufacturing index for August declined for the fifth consecutive month, remaining below the 50 threshold despite a rebound from July. Following significant losses in US and Asian equity markets that caused some major stocks to plummet by nearly 10%, Bitcoin dropped to its lowest level since early August during Asian morning hours on Wednesday. The CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization, fell by almost 6%, with major tokens such as solana (SOL) and ether (ETH) experiencing losses of over 7%.

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