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Bitcoin slides back to $40,000 as post-ETF correction deepens
Cryptocurrencies tumbled on Thursday, with bitcoin falling back to $40,000.
Bitcoin last traded lower by 3.6% at $41,167.14, according to Coin Metrics. Earlier, it fell as far down as $40,601.37, its lowest level since Dec. 18. Ether, which has gotten a boost in recent days while bitcoin struggled, fell too. It was last down 3% at $2,448.41. The rest of the crypto market broadly dragged with them
#BTC #TrendingTopic #TradeNTell #BitcoinMoves #bitcoindown
Cryptocurrencies tumbled on Thursday, with bitcoin falling back to $40,000.
Bitcoin last traded lower by 3.6% at $41,167.14, according to Coin Metrics. Earlier, it fell as far down as $40,601.37, its lowest level since Dec. 18. Ether, which has gotten a boost in recent days while bitcoin struggled, fell too. It was last down 3% at $2,448.41. The rest of the crypto market broadly dragged with them
#BTC #TrendingTopic #TradeNTell #BitcoinMoves #bitcoindown
Are you surprised by Bitcoin's recent downturn? Here are possible factors:
* Grayscale Trust outflows
* High leverage in the market
* Typical pre-halving adjustments
* Macroeconomic influences
What are your thoughts on the current state of BTC?
#bitcoin #cryptocurrency #investing #bitcoindown #BTC
* Grayscale Trust outflows
* High leverage in the market
* Typical pre-halving adjustments
* Macroeconomic influences
What are your thoughts on the current state of BTC?
#bitcoin #cryptocurrency #investing #bitcoindown #BTC
bitcoin is currently experiencing a downtrend, leading to a significant drop in its price. Consequently, altcoins are also correcting sharply, reaching oversold levels. These times may be tough, making you question your investment decisions, but it's crucial to stay positive and focus on the bigger picture. Just remember, not long ago, Bitcoin was below $20,000. Whether you're invested in Bitcoin, Ethereum, Cardano, Solana, or any other altcoin, it's important to recognize that we are likely at the beginning of a bull market. There's still a journey ahead before substantial profits, so remain composed and consider dollar-cost averaging during market downturns. 📉
#BitcoinPrice2024 #bitcoindown #altcoins #btcupdates2024 #BTC☀
#BitcoinPrice2024 #bitcoindown #altcoins #btcupdates2024 #BTC☀
Bitcoin Fluctuates Amid Fed's Rate Hold, Lingering Inflation Concerns.
Bitcoin’s price dipped post-Fed decision despite low CPI, indicating market sensitivity to the Fed’s tightening stance.Spot Bitcoin ETFs saw significant outflows before and after the Fed’s meeting, signaling investor caution.Powell’s remarks on inflation and interest rates spurred risk-off sentiment, affecting Bitcoin’s late-day recovery.
Bitcoin experienced a flurry of activity on Wednesday following the latest policy announcement from the US Federal Reserve (Fed). Initially approaching $70,000, Bitcoin (BTC) soon dipped to $66,983 on Bitstamp, marking a 1.3% decrease for the day. This decline occurred despite some optimism surrounding the Consumer Price Index (CPI), which fell short of expectations.
As anticipated, the Federal Open Market Committee (FOMC) maintained the federal funds rate target at 5%, 25%-50%. Contrary to earlier projections of potential cuts totaling 75 basis points, the updated growth and inflation forecasts now suggest only a single 25-basis-point reduction. Furthermore, the committee noted minimal progress towards achieving the 2% inflation target, a departure from previous statements.
Fed Chairman Jerome Powell emphasized the central bank's objective to curb inflation to more manageable levels. His affirmation that there were no plans for further interest rate cuts rattled risk assets, with Powell suggesting that maintaining current policy at a restrictive level could lead to greater economic strain over time.
Earlier data revealed a surprising deceleration in inflation according to the US Consumer Price Index for May, initially sparking optimism across crypto, stock, and bond markets as traders anticipated potential Fed rate adjustments. However, Powell's cautious remarks tempered these gains, resulting in Bitcoin settling at $67,300 by day's end, later recovering to $68,000.
Spot Bitcoin exchange-traded funds (ETFs) witnessed consecutive days of outflows as investors reduced exposure ahead of the FOMC meeting. Tuesday saw the largest daily withdrawal since May 1, amounting to $200 million across eleven ETFs. This coincided with a brief downturn in BTC prices, dipping to $66,200 before bouncing back.
Hedge fund QCP attributed this pullback to investors "de-risking" from crypto assets ahead of the May CPI report and Fed meeting. K33 Research highlighted Bitcoin's heightened sensitivity to economic data and its growing correlation with US equities, underscoring the significant impact of both the May CPI data and the Fed's interest rate decision on the market.
$BTC #bitcoin☀️ #bitcoindown
Bitcoin experienced a flurry of activity on Wednesday following the latest policy announcement from the US Federal Reserve (Fed). Initially approaching $70,000, Bitcoin (BTC) soon dipped to $66,983 on Bitstamp, marking a 1.3% decrease for the day. This decline occurred despite some optimism surrounding the Consumer Price Index (CPI), which fell short of expectations.
As anticipated, the Federal Open Market Committee (FOMC) maintained the federal funds rate target at 5%, 25%-50%. Contrary to earlier projections of potential cuts totaling 75 basis points, the updated growth and inflation forecasts now suggest only a single 25-basis-point reduction. Furthermore, the committee noted minimal progress towards achieving the 2% inflation target, a departure from previous statements.
Fed Chairman Jerome Powell emphasized the central bank's objective to curb inflation to more manageable levels. His affirmation that there were no plans for further interest rate cuts rattled risk assets, with Powell suggesting that maintaining current policy at a restrictive level could lead to greater economic strain over time.
Earlier data revealed a surprising deceleration in inflation according to the US Consumer Price Index for May, initially sparking optimism across crypto, stock, and bond markets as traders anticipated potential Fed rate adjustments. However, Powell's cautious remarks tempered these gains, resulting in Bitcoin settling at $67,300 by day's end, later recovering to $68,000.
Spot Bitcoin exchange-traded funds (ETFs) witnessed consecutive days of outflows as investors reduced exposure ahead of the FOMC meeting. Tuesday saw the largest daily withdrawal since May 1, amounting to $200 million across eleven ETFs. This coincided with a brief downturn in BTC prices, dipping to $66,200 before bouncing back.
Hedge fund QCP attributed this pullback to investors "de-risking" from crypto assets ahead of the May CPI report and Fed meeting. K33 Research highlighted Bitcoin's heightened sensitivity to economic data and its growing correlation with US equities, underscoring the significant impact of both the May CPI data and the Fed's interest rate decision on the market.
$BTC #bitcoin☀️ #bitcoindown
#Write2earn
BITCOIN FACES POTENTIAL DROP TO $50,000 AMID SELLING PRESSURE
#Bitcoin #BitcoinPriceAnalysis #bitcoindown $BTC
Bitcoin traders predict a price drop to as low as $50,000 in the coming weeks. The cryptocurrency, which hasn't seen these levels since mid-February, is under significant selling pressure. A trader highlighted, "The German government still holds over $2.3 billion worth of Bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion."
Recent Price Decline
According to CoinGecko data, Bitcoin (BTC) prices have plummeted more than 10% in the past week. This fall brought BTC below a critical technical indicator on Thursday, wiping out all gains made since the end of February.
Technical Analysis and Market Sentiment
Alex Kuptsikevich, a senior market analyst at FxPro, echoed this sentiment. In an email to CoinDesk, he noted, "Bitcoin dropped below the 200-day moving average and hasn't bounced back, staying within established patterns. From this position, a further drop to $51,000 is more likely than a rise to $65,000."
Impact of Mt. Gox and German Government Actions
On Friday, Mt. Gox began distributing bitcoin and bitcoin cash stolen in a 2014 hack, causing an 8% drop in BTC as traders reacted. Additionally, a wallet connected to the German Federal Criminal Police Office (BKA) has transferred millions of dollars worth of bitcoin to crypto exchanges since mid-June. These movements suggest an intention to sell assets seized from a 2013 piracy marketplace.
Brief Recovery and Market Volatility
Despite these factors, BTC prices briefly recovered mid-morning in Europe, rising to nearly $55,000 from a low of $53,600 in early Asian hours. However, the sudden drop led to over $550 million in crypto longs, or bets on higher prices, being liquidated in the past 24 hours.
Conclusion
The Bitcoin market is experiencing significant volatility due to large-scale selling pressures from government entities and Mt. Gox. Traders and analysts are closely watching these developments, anticipating potential price drops to $50k.
BITCOIN FACES POTENTIAL DROP TO $50,000 AMID SELLING PRESSURE
#Bitcoin #BitcoinPriceAnalysis #bitcoindown $BTC
Bitcoin traders predict a price drop to as low as $50,000 in the coming weeks. The cryptocurrency, which hasn't seen these levels since mid-February, is under significant selling pressure. A trader highlighted, "The German government still holds over $2.3 billion worth of Bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion."
Recent Price Decline
According to CoinGecko data, Bitcoin (BTC) prices have plummeted more than 10% in the past week. This fall brought BTC below a critical technical indicator on Thursday, wiping out all gains made since the end of February.
Technical Analysis and Market Sentiment
Alex Kuptsikevich, a senior market analyst at FxPro, echoed this sentiment. In an email to CoinDesk, he noted, "Bitcoin dropped below the 200-day moving average and hasn't bounced back, staying within established patterns. From this position, a further drop to $51,000 is more likely than a rise to $65,000."
Impact of Mt. Gox and German Government Actions
On Friday, Mt. Gox began distributing bitcoin and bitcoin cash stolen in a 2014 hack, causing an 8% drop in BTC as traders reacted. Additionally, a wallet connected to the German Federal Criminal Police Office (BKA) has transferred millions of dollars worth of bitcoin to crypto exchanges since mid-June. These movements suggest an intention to sell assets seized from a 2013 piracy marketplace.
Brief Recovery and Market Volatility
Despite these factors, BTC prices briefly recovered mid-morning in Europe, rising to nearly $55,000 from a low of $53,600 in early Asian hours. However, the sudden drop led to over $550 million in crypto longs, or bets on higher prices, being liquidated in the past 24 hours.
Conclusion
The Bitcoin market is experiencing significant volatility due to large-scale selling pressures from government entities and Mt. Gox. Traders and analysts are closely watching these developments, anticipating potential price drops to $50k.
Announcement in January ? : The Reason Why the Price of Bitcoin May Have Dropped Has Been Found.
They'll Make the Announcement in January: The Reason Why the Price of Bitcoin May Have Dropped Has Been Found. Market Thoughts They'll Make the Announcement in January: The Reason Why the Price of Bitcoin May Have Dropped Has Been Found. When Bitcoin Sistemi EN By Bitcoin Sistemi EN, United UTED Bitcoin BTC Request REQ Silk Road SILKROAD 9 minutes ago peruse They'll Make the Announcement in January: The Reason Why the Price of Bitcoin May Have Dropped Has Been Found.
Renowned lawyer Scott Johnson has speculated that the United States Marshals Service (USMS) may have had something to do with the current drop in Bitcoin pricing. "It's highly likely that the US Marshals Service is offering Bitcoin for sale on the Silk Road," Johnson said in a thorough explanation.
Johnson clarified that USMS moved Bitcoin to a custodial address in June as part of a Coinbase service contract. According to this agreement, USMS assets must stay totally distinct. But according to Johnson, these transfers to a mixed exchange address such as CB Prime suggest that USMS has either already sold Bitcoin or is in the midst of doing so.
Johnson anticipates that the Department of Justice's (DOJ) FY2024 Asset Expenditure Program report, which is slated for release in January, would include official confirmation of these transactions. Johnson further stated that the DOJ Office of Inspector General audit report, the USMS cryptocurrency services agreement Request for Proposals (RFP), and numerous court decisions all suggested that these sales may have increased in response to a recent speech by former President Donald Trump.
#bitcoindown #trump #india #updatewidrizz #news @Binance News
Renowned lawyer Scott Johnson has speculated that the United States Marshals Service (USMS) may have had something to do with the current drop in Bitcoin pricing. "It's highly likely that the US Marshals Service is offering Bitcoin for sale on the Silk Road," Johnson said in a thorough explanation.
Johnson clarified that USMS moved Bitcoin to a custodial address in June as part of a Coinbase service contract. According to this agreement, USMS assets must stay totally distinct. But according to Johnson, these transfers to a mixed exchange address such as CB Prime suggest that USMS has either already sold Bitcoin or is in the midst of doing so.
Johnson anticipates that the Department of Justice's (DOJ) FY2024 Asset Expenditure Program report, which is slated for release in January, would include official confirmation of these transactions. Johnson further stated that the DOJ Office of Inspector General audit report, the USMS cryptocurrency services agreement Request for Proposals (RFP), and numerous court decisions all suggested that these sales may have increased in response to a recent speech by former President Donald Trump.
#bitcoindown #trump #india #updatewidrizz #news @Binance News
Iran's missile attacks on Israel have caused the market to decline. However, there’s no reason to worry; the market will recover as it has in the past.
#bitcoindown $BTC #AltSeasonComing
#bitcoindown $BTC #AltSeasonComing
Bitcoin Price Down 🛑 👎
In September 2024, Bitcoin experienced a significant price downturn, which caught the attention of many investors and market analysts.
Historically, September has been a challenging month for Bitcoin, with past trends showing that the cryptocurrency ends the month in a downward trajectory about 73% of the time. This pattern held true again in 2024, as Bitcoin faced price pressure due to a combination of macroeconomic factors, market sentiment, and historical performance.
Several key factors contributed to this decline. One primary driver was the broader market's anticipation of the upcoming U.S. Federal Reserve decisions on interest rates. Speculation about potential rate cuts or hikes created uncertainty in financial markets, and as is often the case, Bitcoin mirrored this volatility. Additionally, the upcoming U.S. elections added to the uncertainty, as political events frequently have ripple effects on financial markets, including the cryptocurrency space.
Another element contributing to Bitcoin's September struggle is its historical behavior during this month. Since 2013, September has proven to be a tough time for the cryptocurrency, with notable declines even during its bull market phases. This persistent trend has solidified expectations of a weak performance during this period
Despite the downtrend, some analysts remain optimistic about Bitcoin’s long-term outlook. The approaching Bitcoin halving event in April 2024 is expected to increase scarcity by reducing the mining reward, a factor that has traditionally led to price gains in the subsequent months. Many are hopeful that after September's decline, Bitcoin could regain strength heading into 2024, particularly as investor interest in Bitcoin tends to increase before major events like the halving.
In conclusion, while Bitcoin’s price in September 2024 continued its historical pattern of underperformance, several upcoming events, including the halving and changes in macroeconomic conditions, may offer the potential for a rebound. This makes the current price drop a crucial moment for investors to closely watch, as it could set the stage for future gains.
#BinanceLaunchpoolHMSTR #itwiseFilesXRPETF #TCUptober #bitcoindown #BTCReboundsAfterFOMC
Historically, September has been a challenging month for Bitcoin, with past trends showing that the cryptocurrency ends the month in a downward trajectory about 73% of the time. This pattern held true again in 2024, as Bitcoin faced price pressure due to a combination of macroeconomic factors, market sentiment, and historical performance.
Several key factors contributed to this decline. One primary driver was the broader market's anticipation of the upcoming U.S. Federal Reserve decisions on interest rates. Speculation about potential rate cuts or hikes created uncertainty in financial markets, and as is often the case, Bitcoin mirrored this volatility. Additionally, the upcoming U.S. elections added to the uncertainty, as political events frequently have ripple effects on financial markets, including the cryptocurrency space.
Another element contributing to Bitcoin's September struggle is its historical behavior during this month. Since 2013, September has proven to be a tough time for the cryptocurrency, with notable declines even during its bull market phases. This persistent trend has solidified expectations of a weak performance during this period
Despite the downtrend, some analysts remain optimistic about Bitcoin’s long-term outlook. The approaching Bitcoin halving event in April 2024 is expected to increase scarcity by reducing the mining reward, a factor that has traditionally led to price gains in the subsequent months. Many are hopeful that after September's decline, Bitcoin could regain strength heading into 2024, particularly as investor interest in Bitcoin tends to increase before major events like the halving.
In conclusion, while Bitcoin’s price in September 2024 continued its historical pattern of underperformance, several upcoming events, including the halving and changes in macroeconomic conditions, may offer the potential for a rebound. This makes the current price drop a crucial moment for investors to closely watch, as it could set the stage for future gains.
#BinanceLaunchpoolHMSTR #itwiseFilesXRPETF #TCUptober #bitcoindown #BTCReboundsAfterFOMC
