Ethereum

Jerome Powell

Bitcoin

Foundation

Reserve

<p>The crypto market has had a sharp decline today, with <a href="https://captainaltcoin.com/when-bitcoin-price-broke-60k-this-crypto-whale-bought-more-btc/" target="_blank">Bitcoin</a> leading the downturn. Per CoinMarketCap, the global crypto market cap has dropped to $2.04T, a 2.84% dip in the last day.&nbsp;</p> 
<p>Moreover, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="nofollow">BTC trades at $58,578.25</a>, having seen a 2.39% drop in value within the same time. Other major crypto assets have also seen declines, with Ethereum and other altcoins displaying similar negative trends.&nbsp;</p> 
<p>A snapshot from Crypto Bubbles shows a market filled with red tokens, highlighting the broad-based nature of this dip.</p> 
<figure class="wp-block-image aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="459" src="https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-1024x459.png" alt="" class="wp-image-555150" srcset="https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-1024x459.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-300x135.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-767x344.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-1536x689.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-2048x919.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-334x150.png 334w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-780x350.png 780w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250-788x353.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-250.png 1901w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <strong>Source: <a href="http://CryptoBubbles" target="_blank" rel="nofollow">CryptoBubbles</a></strong>
 </figcaption>
</figure> 
<h3 class="wp-block-heading" id="strong-ethereum-foundation-sells-100-eth-strong"><strong>Ethereum Foundation Sells 100 ETH</strong></h3> 
<p>One of the elements driving down the market is the ongoing selloff of the Ethereum Foundation. <a href="https://platform.spotonchain.com/en/signal-details/ethereum-foundation-sold-100-eth-227k-again-173134" target="_blank" rel="nofollow">Based on analytics platform </a>Spotonchain’s data, the foundation traded DAI stablecoins for 100 ETH valued at $227k.&nbsp;</p> 
<p>The Ethereum Foundation sold Ethereum this third week in succession, bringing the total to 650 ETH, valued at roughly $1.51 million.</p> 
<p>Although the numbers sold could be higher, the regularity of these transactions raises questions about the long-term plan of the foundation. The average price of Ethereum Foundation’s selling was $2,323 per ETH.</p>  
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0">
  <i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Celebrate Dogecoin and Make Big Gains with Doge2014!
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style> 
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px"> 
    <p><strong><a href="https://doge2014.io" target="_blank" rel="nofollow">Doge2014</a></strong> raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on <strong><a href="https://doge2014.io/en/airdrop" target="_blank" rel="nofollow">exclusive airdrop</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div> 
 </div>
</div> 
<h3 class="wp-block-heading" id="strong-bitcoin-price-faces-pressure-strong"><strong>Bitcoin Price Faces Pressure</strong></h3> 
<p>Bitcoin is also facing technical challenges, as noted by market analyst Ali (@ali_charts). On the hourly chart, Bitcoin is trading within a parallel channel.&nbsp;</p> 
<p>According to Ali, if the lower boundary holds, Bitcoin could potentially rebound to $60,200 or even $62,000. However, a break below the key support level at $58,100 may trigger further downside, with a potential drop towards $55,000.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">On the hourly chart, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> is moving within a parallel channel. If the lower boundary holds, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a> could rebound to the mid or upper levels at $60,200 or $62,000. However, a break below the $58,100 support may lead to a drop towards $55,000. <a href="https://t.co/5JbnrGRjYE" target="_blank" rel="nofollow">pic.twitter.com/5JbnrGRjYE</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1835577558911361382?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>These technical factors have added further pressure to Bitcoin’s price movement, complicating the short-term outlook for traders and investors.</p> 
<h3 class="wp-block-heading" id="strong-federal-reserve-rate-cuts-add-volatility-strong"><strong>Federal Reserve Rate Cuts Add Volatility</strong></h3> 
<p>The market’s shifts is a result of expectations surrounding the Fed’s upcoming interest rate announcement. Mark Cullen of AlphaBTC warns that if the Fed announces a surprise 50 basis point drop, there may be instant market turmoil.&nbsp;</p> 
<p>Cullen claims that astute traders may take profits before the announcement, which would cause a momentary decline in the price of Bitcoin. Cullen also believes that after the rate decrease, Federal Reserve Chair Jerome Powell would make a dovish speech that would soothe the markets.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Its going to be a choppy week for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a>.<br><br>I'm thinking there will be a surprise 50bp cut which will initially spook the market with smart longs taking profit and we get a bit of a pull back. Then JP will come with a dovish conference speech and markets will see it as a… <a href="https://t.co/XZDzcz5nxM" target="_blank" rel="nofollow">https://t.co/XZDzcz5nxM</a> <a href="https://t.co/8FlTHvXqPS" target="_blank" rel="nofollow">pic.twitter.com/8FlTHvXqPS</a></p>— AlphaBTC (@mark_cullen) <a href="https://twitter.com/mark_cullen/status/1835526617138966959?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The possibility of an impending recession still exists, though, and this could have an impact on market mood in the upcoming weeks. This is particularly when corporate earnings reports for October are made public.</p> 
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noreferrer noopener nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noreferrer noopener">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noreferrer noopener">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noreferrer noopener nofollow">FREE Telegram group.</a></strong></em></p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="nofollow sponsored"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-nofollow-sponsored-span-we-recommend-etoro-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="nofollow sponsored"> <span>We recommend eToro</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     <strong>Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. <a href="https://www.etoro.com/customer-service/terms-conditions/trading-restriction/" target="_blank">Take 2 mins to learn more</a></strong>
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="nofollow sponsored"> Visit eToro Now </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc">
     <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free.
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a href="https://captainaltcoin.com/bitcoin-price-crashes-below-59k-why-is-the-crypto-market-down-today/">Bitcoin Price Crashes Below 59K – Why Is The Crypto Market Down Today?</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Bitcoin Price Crashes Below 59K – Why Is The Crypto Market Down Today?

Table of Contents

CaptainAltcoin

Other articles published on Sep 16, 2024

ParaFi Capital Chooses Avalanche for Tokenization of its $1.2B Fund

These Altcoins Have The Potential To Make New Millionaires by 2026

Hedera contributes entire codebase to Linux Foundation

Bitcoin Prices Fluctuate as Market Sentiment Shifts

BabyDogeCoin (BabyDoge) Skyrockets 1,000% in Volume Amid Price Jump

The Ambition of MEET48's AI-UGC Ecosystem: AI-LLM and Web5 Architecture (16 Sep)

Join our free newsletter for daily crypto updates!