Ethereum

Cryptocurrency

Bitcoin

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-57000-in-24-hours/" data-wpel-link="internal">Bitcoin Price Drops Below $57,000 in 24 Hours</a><br></p>
<p style="text-align: justify">Bitcoin price fell by 4.5% in the last 24 hours, dropping below $57,000. During the night, the red candle indicated a drop to $55,600. Afterwards, Bitcoin price recovered by $1,000, reaching $56,628. At the same time, <strong>Ethereum</strong> also lost 6.4% in value, trading at $2,366. Weakness in both US and Asian markets played a significant role in these declines.</p> 
<h2 style="text-align: justify" id="significant-drops-in-the-cryptocurrency-market">Significant Drops in the Cryptocurrency Market</h2> 
<p style="text-align: justify">The <a href="https://en.coin-turk.com/bitcoin-could-experience-a-60-price-drop-says-bloombergs-chief-commodity-analyst/" data-wpel-link="internal">cryptocurrency market</a> experienced a significant shake-up in the last 24 hours. <strong>Bitcoin</strong> fell by 4.5% to $56,696, while Ethereum dropped by 6.4% to $2,366. Experts indicated that weak economic data from the US and selling pressure in Asian markets were behind the declines.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-385430 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_08-02-35.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">Presto Research Director Peter Chung noted that weak ISM data for August from the US triggered a wave of selling in financial markets, negatively affecting Bitcoin. Chung added that these data caused the drop in Bitcoin, with Asian-based investors reacting to weak Asian markets in the morning.</p> 
<h2 style="text-align: justify" id="selling-wave-in-us-and-asian-markets">Selling Wave in US and Asian Markets</h2> 
<p style="text-align: justify">In addition to Bitcoin, traditional financial markets also saw sharp declines. Japan’s TOPIX index fell by 2.7% in the morning, while South Korea’s KOSPI index lost 2.46%. In the US, tech giants like <strong><a href="https://newslinker.co/category/computing/" target="_blank" rel="noopener" data-wpel-link="exclude">Nvidia</a></strong> suffered a 9.5% loss in value.</p> 
<p style="text-align: justify">The 24/7 trading nature of the cryptocurrency market means it is more affected by such volatile movements. Keyrock’s Justin d’Anethan emphasized that both traditional and cryptocurrency markets turned negative after the long weekend holiday in the US, leading to a sharper drop in Bitcoin.</p> 
<h2 style="text-align: justify" id="investors-focused-on-data-to-be-released-on-friday">Investors Focused on Data to be Released on Friday</h2> 
<p style="text-align: justify">Markets are currently focused on the US non-farm payroll data to be released on Friday.</p> 
<p style="text-align: justify">The data will be particularly decisive for expectations regarding the Federal Reserve’s <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a>. Augustine Fan from SOFA.org stated that September will be busy and these data will confirm the degree of economic slowdown.</p> 
<p>The post <a href="https://en.coin-turk.com/bitcoin-price-drops-below-57000-in-24-hours/" data-wpel-link="internal">Bitcoin Price Drops Below $57,000 in 24 Hours</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Price Drops Below $57,000 in 24 Hours

Table of Contents

COINTURK NEWS

Other articles published on Sep 4, 2024

Penpie DeFi Protocol Hacked, $27M in Crypto Stolen

Santiment Names 3 Altcoins: “They’re Being Shorted Too Much” – They Are Claiming Bullishness

Are Ponke and Turbo Undervalued Memes? Industry Experts Hail Artemis as Crypto’s Amazon or eBay

BITMINER: The World’s First DMT-UNAT Metaverse App Running on the Bitcoin Blockchain

Injective launches tokenized index tracking BlackRock’s BUIDL fund

Clearview AI faces a heavy fine in Netherlands for privacy violations

Join our free newsletter for daily crypto updates!