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Home BREAKING NEWS

Bitcoin Price Keeps Crashing as Global Crypto Market Slumps Below $2 Trillion

by Matoy
September 4, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • Global crypto market cap falls below $2 trillion, impacting Bitcoin which slipped under $60,000.
  • Bitcoin needs to correct to $54,000 for potential reversal; further drop to $50,000 possible with US rate cut.
  • Consecutive outflows from Bitcoin ETFs suggest potential for increased volatility in the coming month.

Bitcoin’s current trajectory might see it dip below $54,000 after recent declines in global cryptocurrency market valuation, which fell under $2 trillion. Recently, Bitcoin’s stability was rocked as the aggregate market cap for cryptocurrencies shrank, dragging it down from highs around $60,000. Data from CoinMarketCap reveals a notable 3.46% drop in total crypto market value within a single day, underscoring a period of heightened uncertainty and bearish sentiment.

This financial backdrop is increasingly influenced by traditional market dynamics, where similar trends of withdrawal and caution are observable. Bitcoin, in particular, seems poised for a crucial test of its resilience, possibly needing to adjust down to $54,000 according to market analysts.

Speculations on Future Movements

Alex Kuptsikevich, a senior market analyst, suggests that the immediate future could see Bitcoin stabilizing at lower support levels, which were previously reached in May and July downturns. “We’re seeing formation of lower local lows, indicating that a reversal could solidify at no higher than $54,000 in the near term,” Kuptsikevich explained.

The scenario becomes more intriguing with the impending decisions on U.S. interest rates. A potential cut this September might catalyze or disrupt Bitcoin’s pricing dynamics. Analysts from Bitfinex project that a rate cut might precipitate a 15–20% decline in Bitcoin’s value, potentially driving prices as low as $40,000 to $50,000.

ETF Dynamics and Market Sentiment

Investor sentiment is also being swayed by the performance of Bitcoin-focused exchange-traded funds (ETFs) in the U.S., which have recently reported significant outflows. Five consecutive days of net withdrawals have been recorded, with one day alone seeing outflows exceeding $287 million. This trend could signal increased market volatility for Bitcoin in September, historically its most challenging month based on average returns data.

Tags: Bitcoin
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