Market Bloodbath: Bitcoin (BTC) Plunges Below $60K, Ethereum (ETH) Loses $3K

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Today on Bitstamp, the leading cryptocurrency, Bitcoin (ETH), momentarily dipped under the crucial price mark of $60,000.

Around 16:07 UTC, the leading cryptocurrency hit its lowest point of the day at $59,672 on the Bitstamp marketplace.

Since then, its price has bounced back up to $61,764, yet Bitcoin is still a long way off from reaching its peak of $64,636 in a single day.

For over a month, Bitcoin’s price had not dropped below $60,000 until it reached $59,313 on March 5. However, it rebounded the next day and peaked at its present all-time high of $73,679 on the Bitstamp exchange by March 13.

The leading cryptocurrency is facing two major setbacks: decreasing investments in exchange-traded funds (ETFs) and more aggressive comments from Federal Reserve Chair Jerome Powell. On a recent day, Bitcoin experienced an outflow of approximately $59.3 million. Furthermore, JPMorgan anticipates that the Fed will shift to a more aggressive stance due to stronger-than-expected economic growth.

A well-known and anonymous cryptocurrency trader named DonAlt, boasting over 500,000 followers on X social media platform, has expressed his view that a price drop below the mentioned $60,000 mark seems more enticing at present.

The cost of Ethereum (ETH), the front-runner among altcoins, fell beneath the significant $3,000 threshold before recovering some losses, as indicated by CoinGecko statistics. Dogecoin (DOGE) experienced the most significant decline among the top 10 cryptocurrencies, losing approximately 2.5% according to the same data source.

Approximately 214 million dollars in cryptocurrency have been sold off or forcedly closed during the last 24 hours based on information from CoinGlass.

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2024-04-17 22:01