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<p>The crypto market has had a downturn as <a href="https://captainaltcoin.com/this-bitcoin-indicator-points-to-more-selling-pressure-on-btc-price/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> dropped below $56K. Moreover, analyst Ash Crypto noted that BTC hit a weekly low of $55.6K.&nbsp;</p>
<p>Several factors contributed to this sharp decline, echoing broader trends in global markets.</p>
<h2 class="wp-block-heading" id="strong-us-stock-market-decline-adds-pressure-strong"><strong>US Stock Market Decline Adds Pressure</strong></h2>
<p>The analyst notes that a drop in the US stock market occurred the same time that Bitcoin’s value fell. The NASDAQ fell by 3.26%, while the S&amp;P 500 fell by 2.1%. Nvidia also saw a nearly 10% decline on rumors of a DOJ subpoena.&nbsp;</p>
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   <p lang="en" dir="ltr">WHY BITCOIN DUMPED BELOW $56K?<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> BROKE THE $56K MARK TODAY TO HIT A NEW WEEKLY LOW OF $55,600<br><br>HERE ARE SOME OF THE REASONS BEHIND BTC DUMP <br><br>1) THE US STOCK MARKET CRASH<br><br>S&amp;P 500 DUMPED 2.1% TODAY <br><br>NASDAQ DUMPED 3.26%<br><br>NVIDIA DUMPED NEARLY 10% DUE TO DOJ SUBPOENA <br><br>THE… <a href="https://t.co/SpmRTKCLpn" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/SpmRTKCLpn</a></p>— Ash Crypto (@Ashcryptoreal) <a href="https://twitter.com/Ashcryptoreal/status/1831202559735865484?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 4, 2024</a>
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<p>This downturn in the equity markets is attributed to an economic slowdown, specifically concerning job data, which triggered panic among investors. As Bitcoin and the stock market increasingly correlate, BTC followed this downward trend.</p>
<p><a href="https://markets.businessinsider.com/news/stocks/stock-market-prediction-yen-carry-trade-bank-of-japan-rates-2024-9" target="_blank" rel="noopener noreferrer nofollow">The Japan stock market</a> further compounded the pressure on global financial markets. The Nikkei 225 dropped nearly 4%, influenced by ongoing volatility in the yen carry trade.&nbsp;</p>
<p>While this trade has yet to fully unwind, it contributed to the drop in Japanese stocks, which in turn dragged down other markets globally, including crypto. The global financial uncertainty spread, pushing Bitcoin prices lower as investors braced for further losses.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-etfs-outflow-strong"><strong>Bitcoin ETFs Outflow&nbsp;</strong></h2>
<p>Apart from the stock market decline, there was a $288 million withdrawal from Bitcoin ETFs, which was the largest in the previous four months.&nbsp;</p>
<p>The substantial outflow implies that institutional investors might be making portfolio adjustments or getting ready for more volatility. These actions tend to exert downward pressure on Bitcoin’s price, as they signal lower demand and liquidity for the asset.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/chainlink-nears-key-support-next-2-weeks-will-be-decisive-for-link-price/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Chainlink Nears Key Support: Next 2 Weeks Will Be ‘Decisive’ For LINK Price</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-massive-liquidations-amplify-the-drop-strong"><strong>Massive Liquidations Amplify the Drop</strong></h2>
<p>The sharp drop in Bitcoin’s price was also exacerbated by $170 million in long positions being liquidated within the last day. These liquidations occur when leveraged positions automatically sell off as prices drop, which leads to further downward momentum.&nbsp;</p>
<p>As exchanges engage in forced selling, this often amplifies price declines, creating a cycle of additional liquidations and more price drops.</p>
<p>Bitcoin’s performance in September has historically been weak, and the current market behavior continues this trend. However, investors are hopeful that as Q4 begins, the market will recover, aligning with past bullish trends during the final quarter of the year.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-price-dips-to-56k-heres-why-the-crypto-market-is-crashing-today/" rel="noopener noreferrer nofollow">Bitcoin Price Dips to $56K – Here’s Why The Crypto Market is Crashing Today</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Price Dips to $56K – Here’s Why The Crypto Market is Crashing Today

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