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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-sharp-decline-2" data-wpel-link="internal">Bitcoin Faces Sharp Decline</a><br></p>
<p style="text-align: justify">Cryptocurrencies are experiencing a downturn today, raising concerns for altcoins. During the weekly report on Sunday, it was mentioned that volatility would increase by Friday. Indeed, it has, and it appears that the coming hours could bring even more significant consequences.</p> 
<h2 id="why-is-bitcoin-falling">Why Is Bitcoin Falling?</h2> 
<p style="text-align: justify">If the Federal Reserve (Fed) cannot curb inflation, it will likely maintain higher interest rates for an extended period. There is also the potential for additional rate hikes. Today’s 0.4% monthly wage increase and the Non-Farm Payroll report, which exceeded expectations by around 100,000, disrupted market dynamics. Investors who anticipated a relaxation based on JOLTS data were surprised by <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">the announcement</a> of 272,000 non-farm payrolls compared to the expected 180,000.</p> 
<p style="text-align: justify">As a result, Bitcoin (BTC) saw a sharp drop of nearly $1300 at the time of writing. The expectation of a rate cut in September plummeted from 70% to 55%, according to FedWatch data. This significant decrease in the probability of a rate reduction during the upcoming Fed meeting in about five days underscores how discouraging the latest economic data is.</p> 
<h2 id="what-will-happen-to-cryptocurrencies">What Will Happen to Cryptocurrencies?</h2> 
<p style="text-align: justify">It is highly probable that Bitcoin’s price will quickly descend to $68,500 after being rejected from the $71,800 resistance. If this scenario unfolds, the rapid gains observed in altcoins are likely to reverse. For instance, <a href="https://en.bitcoinhaber.net/bnb-token-price-climbs-as-binance-expands-global-footprint" data-wpel-link="internal">Binance Coin</a> (BNB) might test the $635 resistance from $700. Additionally, altcoins that recorded double-digit gains recently could see these gains eroded swiftly.</p> 
<p style="text-align: justify">Should the US markets open negatively in about an hour, the adverse impact on cryptocurrencies is expected to worsen. Investors should brace for negative volatility in the near term.</p> 
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2> 
<ul> 
 <li>Monitor Fed announcements closely for any signs of interest rate adjustments.</li> 
 <li>Be prepared for potential rapid declines in both Bitcoin and altcoin prices.</li> 
 <li>Consider safeguarding investments by diversifying or using stop-loss orders.</li> 
 <li>Stay informed about <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">economic indicators</a> like wage growth and employment reports.</li> 
</ul> 
<p style="text-align: justify">The ongoing economic data continues to exert significant pressure on the cryptocurrency market, creating an environment of heightened risk and uncertainty for investors.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-sharp-decline-2" data-wpel-link="internal">Bitcoin Faces Sharp Decline</a></h5>

Bitcoin Faces Sharp Decline

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