Ethereum

Bitcoin

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-2/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop</a><br></p>
<p class="p1" style="text-align: justify">The entire <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> faced selling pressure on a daily and weekly scale. Bitcoin’s notable price situation worsened in the last few hours, with the asset falling below $60,000 for the first time in several weeks. Altcoin projects reacted worse to this weekend’s crash, with Ethereum falling below $2,900 and SOL, DOGE, and BCH dropping by 6-7%.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-bitcoin">What’s Happening with Bitcoin?</h2> 
<p class="p1" style="text-align: justify">Although last weekend was also quite volatile, the scenario was completely different. During this period, Bitcoin gained upward momentum amid Donald Trump’s conference participation and pro-crypto speeches. However, the asset mostly moved upwards and reached $70,000 on July 29, a level not seen in nearly seven weeks.</p> 
<p class="p1" style="text-align: justify">However, the situation changed later that day when Bitcoin dropped by $4,000. After a calm period around $66,000, the bears regained control, especially on August 2. Within a few hours, following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">the news</a> that the unemployment rate in the US had reached its highest levels since 2021, Bitcoin sharply fell from $66,000 to $62,200.</p> 
<p class="p1" style="text-align: justify">Bitcoin, along with other risky assets like US stocks, fell sharply. However, in Bitcoin’s case, the pullback continued throughout the weekend as it never stopped trading. This resulted in a price drop to just below $60,000 earlier today, marking Bitcoin’s lowest price tag in three weeks.</p> 
<p class="p1" style="text-align: justify">Despite a slight recovery since then, with Bitcoin currently sitting just above this level, it is still down 2% on the day and more than 10% since last Sunday. Its market cap fell below $1.2 trillion, but its dominance over altcoins rose to 53.2% on CoinGecko.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376884 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-1.webp" alt="" width="1532" height="684"></p> 
<h2 class="p1" style="text-align: justify" id="current-state-of-altcoins">Current State of Altcoins</h2> 
<p class="p1" style="text-align: justify">The increasing Bitcoin dominance during its pullback only means one thing: altcoins are in a worse state. Among the biggest losers from larger-cap projects are SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).</p> 
<p class="p1" style="text-align: justify">Ethereum and BNB fell by 3% to $2,890 and $523, respectively. XRP, TON, ADA, LINK, UNI, and LTC are also in the red, albeit less painfully. The total <a href="https://en.coin-turk.com/mexc-responds-to-speculations-regarding-deleted-mexc_ceo-account/" data-wpel-link="internal">crypto market</a> cap lost another $70 billion since yesterday, dropping to $2.230 trillion on CoinGecko. The metric has fallen by more than $300 billion in the last few days.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376883 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/crypto-1.webp" alt="" width="1531" height="673"></p> 
<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-faces-significant-price-drop-2/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-faces-significant-price-drop-2/" data-wpel-link="internal">Bitcoin Faces Significant Price Drop</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Faces Significant Price Drop

Table of Contents

COINTURK NEWS

Other articles published on Aug 4, 2024

TR.ENERGY Enhances TRX for Efficient Transactions in the TRON NETWORK Ecosystem

New Solana Memecoin Trump vs SEC Will Skyrocket Over 19,000% Before Exchange Listings, While SHIB...

The Strategic Bitcoin Reserve Bill Is Now Officially Announced With Positive Community Response

Amber Group Demands Transparency Amid ZKX Shutdown Controversy

XRP Ledger’s July Highlights: Strong Network Performance and Upcoming Developments – What Can XRP...

Ethereum Set to Surge 17%: Promising Forecast Based on Historical Trends

Join our free newsletter for daily crypto updates!