Bitcoin declines to under $22,000
According to data from CoinDesk, the price of bitcoin dropped from $22.738 to under $21.12.34. Today's bitcoin traded between $21,500 and $22,000 in the early morning hours.
It happens soon after the biggest cryptocurrency in the world crossed the $25,000 mark for the first time since June as a result of an increasein US stocks.
fall in cryptocurrencies
At the same moment, the price of the Ethereum token dropped from $1,808 to $1,728 before quietly rising again. It decreased once more, down to $1,683.90.
The downturn in cryptocurrencies during this period, which resulted in the failure of Binance, Cardano, and Solana, was not immediately apparent.
As assets did not instantly return dramatically but instead fell less in the hours that followed, it does not exhibit a rapid crash pattern "at Hargreaves Lansdowne, Susanna Streeter, a senior investing and markets analyst. In the absence of any other outside influences, it appears likely to be the outcome of a large sell "in line with CNBC.
Bitcoin and Ethereum finished down on Thursday, although Ethereum has increased by more than 100% since mid-June.
Cardano, according to Streeter, looks to have seen the first decrease, which was subsequently followed by lesser coins like Dogecoin, Ethereum, and Bitcoin.
Although the price of bitcoin is still higher than its June lows of under $ 19,000, she continued, "This dip comes amid concerns that the market is moving towards a crypto winter," stressing that "the volatility is once again destroying the industry."
"The main takeaway is that the Fed probably won't finish raising rates until inflation is tamed across the board," says Simon Peters, crypto market analyst at eToro. "Since the minutes of the July Fed meeting were made public on Wednesday, the US stock markets have declined without any guidance for potential future interest rate increases.
Lower US stock markets
"The main takeaway is that the Fed probably won't finish raising rates until inflation is tamed across the board," says Simon Peters, crypto market analyst at eToro. "Since the minutes of the July Fed meeting were made public on Wednesday, the US stock markets have declined without any guidance for potential future interest rate increases.
"I presume this has poured over to the crypto markets, which is why we are witnessing a swift selloff," the speaker concluded.
There has been a strong correlation between US stocks and cryptocurrencies in recent months. Liquidation of long positions in the permanent Bitcoin futures markets may also worsen this trend.
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