Reserve Dollar

Bitcoin

Drops

Reserve

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-to-two-month-low/" data-wpel-link="internal">Bitcoin Price Drops to Two-Month Low</a><br></p>
<p style="text-align: justify">Bitcoin’s (<strong>BTC</strong>) price fell to $63,860, marking a two-month low. This drop has reignited the question of whether the long-anticipated altcoin season will arrive. The value of the altcoin market outside the top 10 stands at $213.364 billion. Famous <a href="https://en.coin-turk.com/cryptocurrency-prices-show-potential-for-growth/" data-wpel-link="internal">crypto analyst</a> Michael van de Poppe highlights several key events contributing to market uncertainty.</p> 
<h2 style="text-align: justify" id="stock-market-volatility-continues">Stock Market Volatility Continues</h2> 
<p style="text-align: justify">Stock markets have been highly volatile recently. Investors are closely monitoring macroeconomic indicators. This week is particularly important as new economic data will be released, which could affect market dynamics. This volatility in stock markets is also creating uncertainty in crypto markets.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-376397 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/poppe.png" alt="" width="601" height="648"></p> 
<p style="text-align: justify">Tensions between Israel and Gaza add another layer of uncertainty to the markets. Geopolitical tensions typically lead to changes in investor sentiment and contribute to market fluctuations. Additionally, the monthly close and tomorrow’s unemployment rate data are causing investors to act cautiously.</p> 
<h2 style="text-align: justify" id="signs-of-recovery-in-altcoins">Signs of Recovery in Altcoins</h2> 
<p style="text-align: justify">Van de Poppe presents a positive outlook for <strong>Ethereum</strong> (ETH). He notes that many altcoins are showing resilience and double-bottom formations are emerging. These technical indicators suggest potential recovery opportunities in the crypto sector.</p> 
<p style="text-align: justify">On the other hand, CryptoQuant founder Ki Young Ju observed significant moves by whales while waiting for the next altcoin season. Ju noted an increase in interest in altcoin trading over the past year. When this trend rises, it indicates strong demand from whales, while a decline suggests disinterest.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-376400 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/ju.png" alt="" width="598" height="652"></p> 
<p style="text-align: justify">Some experts believe the current altcoin market resembles the situation between late 2020 and early 2021. During that period, altcoin prices increased by 400%. This similarity gives some investors hope for a new altcoin surge.</p> 
<h2 style="text-align: justify" id="bitcoin-market-dominance-warning">Bitcoin Market Dominance Warning</h2> 
<p style="text-align: justify">However, not everyone agrees. Crypto analyst <strong>Benjamin Cowen</strong> warned that Bitcoin’s market dominance could reach 60% by the end of the year. This could negatively impact altcoins. Cowen cautioned that altcoins might lose more value compared to Bitcoin and recalled a similar situation before the Federal Reserve cut <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> in 2019. He suggested that this scenario could happen again.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-376404 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/cowen.png" alt="" width="607" height="521"></p> 
<p style="text-align: justify">Crypto markets are influenced by both traditional financial indicators and geopolitical events. Bitcoin’s decline and potential recovery signs in altcoins create uncertainty among investors. Analysts’ and whales’ moves could provide clues <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">about future</a> market movements.</p> 
<ul class="Summary"> 
 <li>Bitcoin’s price fell to a two-month low of $63,860.</li> 
 <li>Stock market volatility and geopolitical tensions add to market uncertainty.</li> 
 <li>Analysts see potential recovery signs in altcoins despite Bitcoin’s dominance warning.</li> 
</ul> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-drops-to-two-month-low/" data-wpel-link="internal">Bitcoin Price Drops to Two-Month Low</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-price-drops-to-two-month-low/" data-wpel-link="internal">Bitcoin Price Drops to Two-Month Low</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Price Drops to Two-Month Low

Table of Contents

COINTURK NEWS

Other articles published on Aug 2, 2024

Pump.fun's High Failure Rate Revealed: 98.6% of Memecoins Never Launch

Analyst lowers Coinbase price target, still sees 40% upside

Ethereum Plummets 8.5% Following ETF Outflows: Analyzing the Market Reaction

Memecoin Projects Struggle on Solana

TON Ecosystem Booms with Explosive Growth

Expected Milestone Decision in Bitcoin Has Arrived: Happening for the First Time

Join our free newsletter for daily crypto updates!