As a seasoned researcher with over two decades of market analysis under my belt, I’ve seen more than a few market cycles and their impact on various asset classes. The current trend in the crypto market, particularly Bitcoin, is reminiscent of some of the turbulent periods we’ve witnessed in the past.
On Wednesday morning, the dominant digital currency, Bitcoin, dropped to an all-time low of $55,555, furthering the decline that began on Tuesday
Economic indicators in the U.S. and China are causing unease among investors, worsening what’s already been the toughest time for world markets since early August. This pessimism has extended to cryptocurrency as well, with traders keeping a close eye on the upcoming U.S. jobs report due out Friday to determine if a more significant economic downturn is imminent
As investors worldwide are pulling back from risky assets over concerns about the economy, Bitcoin plunged to its lowest point in a month. Other significant cryptocurrencies also experienced losses
currently, various digital currencies were being transacted below their original value. Specifically, XRP, Shiba Inu (SHIB), and Cardano (ADA) had experienced drops of 2.79%, 2.64%, and 1.79% respectively as I was writing this
At the moment of writing, Bitcoin was experiencing a drop of around 3.86%, bringing its value down to approximately $56,67
Crypto market outlook
According to a recent report from Fairlead Strategies LLC, their technical analyst Katie Stockton has adopted a “long-term neutral stance” regarding Bitcoin
As a researcher examining the cryptocurrency market, I’ve noticed that the cumulative open interest for CME Bitcoin futures has dipped to its lowest point since May, which could be indicative of growing market unease. Simultaneously, U.S.-based Bitcoin exchange-traded funds have been witnessing a stretch of net outflows unseen since June, as per Bloomberg data
Based on past trends, the immediate future seems difficult, as September is often seen as a less favorable month for cryptocurrencies. Over the past five years leading up to 2023, Bitcoin has typically experienced an average decline of about 8% in value during September
The Federal Reserve’s upcoming gathering is slated for towards the end of this month, during which they will announce their most recent interest rate determination. Generally, financial markets anticipate a reduction in rates by the central bank, although there’s disagreement among traders about the magnitude of the decrease
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2024-09-04 15:49