Reserve

2024

Bitcoin

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<a href="https://u.today/bitcoin-14-years-ago-today-btc-was-priced-at-005" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, the largest cryptocurrency by market capitalization, saw a sell-off during Sunday's trading session. The selling continued, with Bitcoin reaching an intraday low of $57,663 in Monday's trading session.
At the time of writing, BTC was down 2.09% in the previous 24 hours to $59,450, down from its high of $62,755 on Thursday.
According to on-chain analytics firm Lookonchain, institutions seemed to have temporarily stopped buying BTC, partly contributing to the price drop.
In a tweet, Lookonchain <a href="https://x.com/lookonchain/status/1822899987287552267" rel="noopener noreferrer nofollow">wrote</a>: "Institutions seem to have temporarily stopped buying, and the price of BTC dropped 4.5% today.We noticed that institutions stopped receiving USDT from Tether Treasury and transferring it to exchanges 2 days ago."
<blockquote>
 Institutions seem to have temporarily stopped buying, and the price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> dropped 4.5% today!We noticed that institutions stopped receiving <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> from <a href="https://twitter.com/hashtag/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#TetherTreasury</a> and transferring it to exchanges 2 days ago.<a href="https://t.co/0XKiPmjJed" rel="noopener noreferrer nofollow">https://t.co/0XKiPmjJed</a> <a href="https://t.co/NRFkp4Vqan" rel="noopener noreferrer nofollow">pic.twitter.com/NRFkp4Vqan</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1822899987287552267?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 12, 2024</a>
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On-chain data suggests that Bitcoin's sharp rebound to highs of $62,755 in Thursday's trading session might have triggered profit-taking. On-chain analytics firm Santiment wrote in a tweet that after "Bitcoin briefly crossed all the way above $62,600, a +25% ascension in just over 3 days. As usual, average traders have been caught off guard."
Santiment further added that "sudden increased excitement of potential $70,000-$75,000 BTC prices might be a top signal for BTC."
A drop in Bitcoin (BTC) triggered a broader crypto market sell-off over the weekend, as some traders sought indications ahead of a busy week to adjust their positions.
<h2 id="key-releases-awaited-this-week">Key releases awaited this week</h2>
Amid ongoing uncertainties about the condition of the U.S. economy, investors anticipated new <a href="https://www.cnbc.com/2024/08/12/us-treasurys-attention-turns-to-inflation-data-.html?qsearchterm=" rel="noopener noreferrer nofollow">inflation data</a> due this week.
The July producer price index, which tracks wholesale prices, is due Tuesday, followed by the consumer price index for the same month on Wednesday.
A drop in Bitcoin (BTC) triggered a broader crypto market sell-off over the weekend, as some traders sought indications ahead of a busy week to adjust their positions.
Investors will be eagerly watching the inflation data following recent fears about whether the U.S. economy will enter a recession and whether the <a href="https://u.today/federal-reserve-crypto-reacts-to-feds-crucial-market-comments" rel="noopener noreferrer nofollow">Federal Reserve</a> should have started decreasing interest rates sooner to avoid a hard landing.
When the Fed met last month, it left rates steady but signaled that a September rate cut was possible, depending on economic data both in terms of inflation and labor market conditions.

3 Key Reasons Why Bitcoin (BTC) Dropped Below $58,000

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