Bank

Bitcoin

Drops

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-due-to-us-stock-market-losses/" data-wpel-link="internal">Bitcoin Price Drops Due to US Stock Market Losses</a> 
Bitcoin price is at $54,190, having dropped to $52,550 in the last 24 hours. The decline seems to have paused for now. BTC reached its lowest point an hour after US markets closed, triggering larger losses in altcoins. 
<h2 style="text-align: justify" id="bitcoin-decline">Bitcoin Decline</h2> 
Yesterday’s decline was mainly triggered by losses in the US stock markets. Cryptocurrencies were dealing with issues like Mt Gox, while US markets were pricing in upcoming <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> cuts. As the stock market reached ATH levels, negativity prevailed in crypto. However, as stocks fell from their ATH, Bitcoin and others followed suit. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-386771 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-07_09-00-46.png" alt="" width="1815" height="836"> 
There are many reasons for the decline in stocks. The first is the growing belief that the Fed will start the rate cut process more slowly. With labor markets this weak, rapid cuts by the Fed could trigger different economic issues. 
The potential for more rate hikes by the Bank of Japan is also a significant risk. The rate hikes, starting after 20 years, threaten risk assets. 
<h2 style="text-align: justify" id="current-state-of-cryptocurrencies">Current State of Cryptocurrencies</h2> 
Altcoins are recovering their double-digit losses as BTC starts to rebound. BTC’s market dominance climbed to 55.9%, according to CMC <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, while holding $53,724 as support. Most altcoins lost value against BTC. Although the total volume across all exchanges reached $100 billion, it reflects the strength of these sales. 
The altcoins with the most losses in the last 24 hours were LDO, KCS, XMR, <a href="https://en.coin-turk.com/elon-musk-considers-dogecoin-for-tesla-payments-again/" data-wpel-link="internal">DOGE</a>, TON, DYDX, OM, MKR, and Ether. They fell by 5% or more. Among the top 100 cryptocurrencies, STRK, ONDO, TAO, BONK, and RENDER showed slight gains. STRK rose by 14% in the last week. 
Weekends are notorious for low volume, which can lead to bigger surprise losses in a declining market. Due to factors like the severely weakened risk appetite of investors and the US markets closing the week with nearly a 3% loss, the chances of seeing a surprise rise in crypto over the next 48 hours are slim. 
The post <a href="https://en.coin-turk.com/bitcoin-price-drops-due-to-us-stock-market-losses/" data-wpel-link="internal">Bitcoin Price Drops Due to US Stock Market Losses</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Price Drops Due to US Stock Market Losses

Table of Contents

COINTURK NEWS

Other articles published on Sep 7, 2024

Recent Developments Evaluated: What to Expect in the Cryptocurrency Market This Weekend?

Vitalik Buterin Shares 10-Year Visions for Ethereum Network

How to Buy XRP on eToro: A Comprehensive Guide

El Salvador Celebrates Third Anniversary of Bitcoin as Legal Tender

US Fed Issued Cease and Desist Order Against Crypto-Friendly United Texas Bank

$STRK Leads the Rally with 16.9% Surge in Crypto Market

Join our free newsletter for daily crypto updates!