Ethereum

United

Bitcoin

<ul> 
 <li><strong>Coinglass data from just the previous hour shows significant market liquidation of $31.33 million.</strong></li> 
 <li><strong>Bitcoin’s price has dropped below $28,000 for the first time in over two months.</strong></li> 
</ul> 
<p>Stocks in the United States unexpectedly fell at the market close, with the technology-focused Nasdaq Composite leading the decline. The release of the Fed’s July meeting minutes affected market sentiment because they highlighted a rising worry among top officials about “upside inflation risks.” </p> 
<p>Fear of further&nbsp;interest rate&nbsp;rise dampened investor optimism&nbsp;on Thursday, sending the <a href="https://thenewscrypto.com/bitcoin-btc-outperformed-the-sp-500-in-august/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> price&nbsp;to a two-month low. Bitcoin’s price has dropped below $28,000 for the first time in over two months. BTC’s relative stability throughout July is intriguing, especially in light of the recent dramatic drop.</p> 
<h3 class="wp-block-heading" id="h-overall-market-collapse">Overall Market Collapse</h3> 
<p>Earlier, on August 14 the price spiked all the way to the $29.64K mark but failed to maintain momentum. After consolidating for a day on August 15, the downtrend gradually started, breaking key support levels. At the time of writing, Bitcoin (BTC) is trading at $27,854 and is down 4.40% in the last 24 hours as per data from CMC.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_7D_graph_coinmarketcap-2.png" alt="" class="wp-image-80859" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_7D_graph_coinmarketcap-2.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_7D_graph_coinmarketcap-2-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_7D_graph_coinmarketcap-2-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Moreover, Coinglass data from just the previous hour shows significant market liquidation of $31.33 million. The liquidation&nbsp;of Bitcoin was about $21.08 million, while <a href="https://thenewscrypto.com/clash-of-ethereum-bulls-and-bears-intensifies-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> was at roughly $3.75 million. </p> 
<p>On the other hand, an important indicator of Bitcoin’s network’s security and processing power, the network’s hash rate, has broken over the 400 trillion hashes per second (Th/s) barrier for the first time.</p> 
<p>It’s true that Bitcoin’s value has dropped significantly, but other cryptocurrencies have fallen as well. Ethereum, BNB, and XRP&nbsp;are just some of the other big names&nbsp;that have had significant price drops, pointing to an overall&nbsp;market collapse.</p>

Bitcoin Hits Two-Month Low; More Decline Likely?

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