Crypto Markets Experience Selloff, Bitcoin Falls to Two-Month Low
The crypto markets have seen a significant drop as Bitcoin and other digital assets fall to their lowest levels in two months. This decline has broken the stalemate between bullish and bearish sentiments, with bears emerging as the winners.
Key Points:
- Crypto market capitalization fell by 2% to $1.17 trillion, the lowest since June 20.
- Around $30 billion left the digital asset space within 24 hours despite positive news about Coinbase and Ripple.
- The overall crypto market has been stagnant since March.
- Global stock markets and major US markets have also been experiencing declines.
- The Federal Reserve has refuted recession fears but acknowledges the need for higher rates.
Bitcoin specifically saw a 2% decline, reaching an intraday and two-month low of $28,430. Analysts suggest that this correction is a seasonal occurrence in the pre-halving year and is influenced by a correction in the S&P 500 in the pre-election year.
Some analysts predict that the selling pressure will continue until a support level is found, leading to further intensification of the selloff.
Hot Take:
The recent selloff in the crypto markets, with Bitcoin hitting a two-month low, has taken many by surprise. The decline is likely influenced by broader market factors and seasonal patterns. It remains to be seen how long the bearish sentiment will persist and whether the markets will find a stable support level.
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