Bitcoin $55,763.36 The price was at $54,190 at the time of writing and fell to $52,550 in the last 24 hours. For now, the downward movement seems to have paused. BTC, which gradually declined until the US markets closed yesterday, reached its lowest level of the day 1 hour after the stock exchanges closed. This triggered much larger losses in altcoins.
Bitcoin Fall
The decline experienced yesterday was triggered mostly by losses in US stock markets. Cryptocurrencies While dealing with Mt Gox and other issues within itself, US markets had priced in the upcoming interest rate cuts. In this process, while the stock market reached ATH, negativity remained dominant in crypto. However, stocks that returned from ATH fell, dragging Bitcoin and others behind them. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
There are several reasons for the decline in stocks. The first is the growing belief that the Fed will start cutting interest rates more slowly. With labor markets so weak, Fed If prices go into rapid discounts, this could trigger different problems in the economy.
The potential for further interest rate hikes by the Bank of Japan is also a significant risk. The interest rate hike that started after 20 years threatens risk assets.
Latest Situation in Cryptocurrencies
Altcoins are currently recovering from their double-digit losses as BTC begins to recover. For BTC, which is trying to hold $ 53,724 as support, its market dominance has climbed to 55.9% according to CMC data. Suddenly, most altcoins lost against BTC. Although the total volume on all exchanges has reached the $ 100 billion limit, this is related to the strength of the sales.
The altcoins that have suffered the most losses in the last 24 hours are LDO, KCS, XMR, DOGETON, DYDX, OM, MKR and Ether. They fell by 5 percent and above. Among the 100 largest cryptocurrencies, STRK, ONDO, TAO, BONK and RENDER continues to rise, albeit slightly, throughout the day. STRK increased by 14 percent in the last week.
Weekends are notorious for their lack of volume, and in a bearish environment, this can lead to bigger surprise losses. The risk appetite of investors has been severely undermined, and the US markets closed the week with a loss of nearly 3%, so the chances of us seeing a surprise rise in crypto in the next 48 hours may be slim.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
