Crypto Prices Today Sep 7: Bitcoin Crashes To $53K, Altcoins Plummet In Sync

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As a seasoned researcher with over a decade of experience in the financial markets, I have witnessed countless market cycles, bull runs, and bearish downturns. Today’s crypto prices are no exception to this rollercoaster ride, as we see yet another instance of volatility driven by economic data releases and broader market sentiment.

Today’s Crypto Market Overview (September 7): The crypto market experienced a steep drop due to the release of U.S. jobs data and concerns about an impending recession causing turmoil. Bitcoin (BTC) dipped down to approximately $53,000 during the past day, while Ethereum (ETH), Solana (SOL), and XRP saw a decrease of 4-7%. The overall market capitalization fell by nearly 5% today, landing at about $1.90 trillion. Interestingly, the trading volume increased significantly by 54.81%, reaching $98.3 billion, fueling investor conjectures.

Today’s overview features some of the leading cryptocurrencies ranked by market capitalization, along with their current price fluctuations as of September 7th.

Crypto Prices Today: BTC, ETH, SOL, & XRP Prices Tank

Significantly, the main cryptocurrency prices experienced a significant drop today due to worries in the market caused by the U.S. nonfarm payroll figures. The new data indicates that the U.S. created fewer jobs than predicted by financial analysts on Wall Street. Furthermore, the unemployment rate held steady at 4.2%. This data mirrors market anxieties, as evidenced by the S&P 500 decreasing by almost 2% today after the employment figures were released.

Simultaneously, the crypto market crashed in sync with broader market events.

Bitcoin Price Today

Today, the value of Bitcoin (BTC) experienced a minor dip of approximately 5%, now being transacted at around $53,834. Earlier today, its lowest point was marked at $52,598.70, while the highest point reached $56,976.11 during the same day.

This downward trend seems to correspond with a negative outlook on the stock market, similar to job market figures that were discussed earlier. Moreover, by September 6, United States Bitcoin ETFs had seen a withdrawal of approximately $169.97 million.

Nevertheless, there’s an optimistic outlook for Bitcoin’s future trajectory, as its use is expected to grow with Venezuela’s intention to incorporate Bitcoin into their national reserves. Yesterday, Bitcoin’s dominance was at 56.21%, but today it has decreased slightly by 0.29%.

Ethereum Price Today

The cost of ETH has plummeted approximately 7% over the last 24 hours, currently being exchanged at roughly $2,238. During this period, its lowest point was $2,150.86, while the highest was $2,405.98.

According to Soso Value’s data, Ethereum ETFs experienced approximately $5.98 million in withdrawals, coinciding with a drop in price. Simultaneously, the investment management company VanEck announced that it will be discontinuing and liquidating its Ethereum ETF futures (EFUT).

Furthermore, the current market capitalization of Ethereum is approximately $269.31 billion. Over the past 24 hours, its trading volume has been around $25.69 billion.

Solana Price Today

In the last 24 hours, the price of Solana (SOL) has increased by about 4%, reaching a current value of approximately $125. The coin’s lowest and highest points during the day were $121.06 and $134.17 respectively. Today, Solana’s market capitalization was estimated at around $58.57 billion.

XRP Price Today

Over the last 24 hours, the value of XRP has decreased by almost 4%, currently being traded at $0.5224. The lowest and highest points during the day for this coin were $0.5059 and $0.5463 respectively.

Yesterday, I came across a report from CoinGape Media stating that Ripple transferred 100 million XRP, coinciding with the Securities and Exchange Commission’s suggestion of an appeal in the ongoing XRP lawsuit. This movement, along with other significant transactions by large investors (whales), has introduced an element of mystery to potential future price fluctuations of XRP.

Meme Coins Prices Today

Similarly, mirroring the broader trend, Dogecoin (DOGE) price slipped nearly 7% to trade at $0.09207. Further, Shiba Inu (SHIB) price dipped roughly 4% to $0.00001277.

Also, Pepe coin (PEPE), dogwifhat (WIF), and FLOKI slipped 2%-6% in the past 24 hours.

Top Crypto Gainers Prices Today

A few coins defied the broader market trend today, trading in the red territory.

Starknet (STRK)

In just the last day, Starknet’s price has jumped approximately 5%, now standing at $0.4151. Earlier today, it hit a low of $0.3798, but peaked slightly higher at $0.4153.

Sui

SUI price gained nearly 1% and is currently trading at $0.8381. Its intraday low and high were $0.7925 and $0.8863, respectively.

Bonk

In the last 24 hours, the price of Bonk has increased by approximately 0.65%, and it is now being traded at a rate of $0.00001500. The lowest and highest points for this cryptocurrency in the past day were $0.00001514 (low) and $0.00001663 (high), respectively.

Top Crypto Losers Prices Today

Lido DAO

LDO price dipped nearly 7% over the past day to trade at $0.9165. The coin’s intraday lows and highs were $0.8829 and $0.9855, respectively.

dYdX (DYDX)

Today, the DYDX price surged by approximately 6%, reaching a trading value of $0.8277. Over the past 24 hours, the coin’s lowest point was at $0.8067, while its highest point was at $0.8953.

Additionally, it’s noteworthy that DOGE and PEPE were among the biggest decliners today. The price of Pepe coin fell by 6%, closing at a value of 0.000006693 USD today.

Nonetheless, hourly time frame charts sparked investor curiosity over the crypto prices today. BTC gained 0.03%, whereas ETH gained 0.28%, fueling speculations globally.

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2024-09-07 07:38