Dogecoin

bullish

Bitcoin

Shiba Inu

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-altcoins-experience-decline-following-recent-market-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin and Altcoins Experience Decline Following Recent Market Surge</a><br></p>
<p style="text-align: justify">Following last week’s surge, Bitcoin (BTC) and the overall <a href="https://en.coin-turk.com/cryptocurrency-market-rises-as-major-altcoins-break-resistance-levels/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoin</a> market faced selling pressure this morning. The price of BTC dropped by 1.97%, trading at around $64,536, while Japan’s Nikkei 225 index fell nearly 5%. Additionally, last week’s victory of Shigeru Ishiba reignited concerns over interest rate hikes.</p>
<h2 id="impact-of-asian-markets-on-cryptocurrency-decline">Impact of Asian Markets on Cryptocurrency Decline</h2>
<p style="text-align: justify">In September, Bitcoin showcased an impressive performance, gaining 9% throughout the month. The bullish market attempted to keep Bitcoin’s price above $66,000, but developments in Japan created selling pressure on the asset. Other geopolitical tensions, such as the assassination of Hezbollah leader Hassan Nasrallah, also heightened uncertainty.</p>
<p style="text-align: justify">Crypto analysis firm Santiment commented, “The market is moving contrary to expectations.”</p>
<h2 id="significant-drop-in-nikkei-225-index">Significant Drop in Nikkei 225 Index</h2>
<p style="text-align: justify">At the time of writing, the Nikkei 225 index had dropped 4.64%, falling below 38,000 against a strong Japanese yen. Shigeru Ishiba’s victory raised fears that the Bank of Japan would implement further interest rate hikes. Following the announcement last week, the Japanese yen quickly gained value against the US dollar.</p>
<p style="text-align: justify">Mitsubishi UFJ Financial Group analyst Michael Wan stated to Bloomberg, “Our base assumption is that Ishiba will reflect the need for normalization, which will support the yen.”</p>
<p style="text-align: justify">However, it’s important to note that Ishiba’s current stance is unclear, as he mentioned over the weekend that monetary policy should remain supportive given current economic conditions.</p>
<p style="text-align: justify">Amid these macroeconomic uncertainties, there are strong expectations that Bitcoin could repeat its historical trends, aiming for $100,000 by year-end. Market participants anticipate a robust rally for BTC in the fourth quarter.</p>
<h2 id="altcoins-also-decline">Altcoins Also Decline</h2>
<p style="text-align: justify">On the other hand, Ethereum , <a href="https://en.coin-turk.com/binance-coin-bnb-price-predictions-for-ripple-xrp-and-solana-sol/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB</a>, Dogecoin , and other altcoins fell more than 2% as they entered a correction phase. Conversely, XRP rose by 5.3% to around $0.645 despite the overall market correction. Memecoins were particularly hard-hit during today’s correction, with Dogecoin and Shiba Inu falling by 5% to 8%.</p>
<h2 id="market-awaits-us-unemployment-data">Market Awaits US Unemployment Data</h2>
<p style="text-align: justify">Currently, markets are bracing for volatility as they await the release of the anticipated US unemployment data before the expected Uptober rally. Experienced <a href="https://en.coin-turk.com/link-coin-faces-resistance-and-potential-for-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> Ali Martinez suggested that Bitcoin might experience fluctuations during this period and could move towards $78,000. Indeed, the recent influx into spot Bitcoin ETFs indicates that institutional investors are returning to the game by purchasing recent declines, reinforcing bullish expectations.</p>
<p style="text-align: justify">For now, Bitcoin and altcoins are losing value due to the effects of developments in Japan and geopolitical issues. Altcoins are also facing a downturn with the overall market’s selling pressure. Market participants are adopting a cautious approach while awaiting the release of US unemployment figures and potential economic policies.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-and-altcoins-experience-decline-following-recent-market-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin and Altcoins Experience Decline Following Recent Market Surge</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin and Altcoins Experience Decline Following Recent Market Surge

Table of Contents

COINTURK NEWS

Other articles published on Sep 30, 2024

Boss Trump Solana Memecoin to Explode Over 19,000% Before Exchange Listings, As SHIB and DOGE Lag

Binance to Support ORN Swap and LUMIA Rebranding

Bitcoin Poised for Strong October Surge Amid Positive Macro Factors

Taiwan Permits Professional Investors to Access Foreign Virtual Asset ETFs via Re-Entrustment

Kasikornbank launches first licensed Thai digital asset custodian

Bitget Connects Telegram Mini Apps to Web3 with New Dev Kit

Join our free newsletter for daily crypto updates!