Ethereum

Bitcoin

BlockDAG

<ul>
 <li>Bitcoin’s price dropped by over $10,000 in a week amid unfair policies and market instability.</li>  
 <li>The&nbsp; Federal Reserve’s high rates have shifted cryptocurrency investment away,, contributing to Bitcoin’s current market trend..</li>  
 <li>High outflows from Bitcoin ETFs have&nbsp; triggered the price drop, pushing Bitcoin below $60,000.</li> 
</ul>  
<p>Just over a week, Bitcoin has recorded a notable price fall&nbsp; totalling to more than $10,000. The fall has sent a shockwave to the investors of digital assets.</p>  
<p>Bitcoin shifted from&nbsp; $70,000 to under $60,000 in just seven days. The stable cryptocurrency market was hit once again this week from different sides with many reasons have being behind the recorded fall and they include:</p>  
<h2 class="wp-block-heading" id="h-1-regulatory-crackdowns-increase-pressure-on-bitcoin">1.Regulatory Crackdowns Increase Pressure on Bitcoin</h2>  
<p><a href="https://cryptonewsland.com/bitcoin-faces-extended-bear-market-amid-gold-comparison-schiff-raises-concerns/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin's </a>value has lost its price value due to the current&nbsp; regulations around the world. Governments and financial institutions are regulating cryptocurrencies, with concerns like illegal activities and consumer protection.</p>  
<p>Countries like China have shown their efforts to control Bitcoin mining and trading, causing a direct effect on its global value. The U.S. The Securities and Exchange Commission (SEC) recorded unfair policies in&nbsp; Bitcoin related financial products. Such policies create&nbsp; uncertainty in the market, leading to reduced investor confidence and price drops.</p>  
<h2 class="wp-block-heading" id="h-2-weak-us-economy">2. Weak US Economy</h2>  
<p>Bitcoin surged by $3,000 on Monday to&nbsp; $70,000 limit for the first time since early June. This came just a day or so after Donald Trump’s appearance at the 2024 BTC conference in Nashville.</p>  
<p>Being pro-bitcoin and crypto now, his words had a positive effect on the entire market, but that was short-lived. Later on Monday, BTC fell by $4000, and it kept falling at the end of the week with the cryptocurrency falling to $62,200 on Friday evening.</p>  
<p>However, BTC and the altcoins were dominated by bears during the weekend. The largest digital asset fell to a 3-week low of just under $60,000, thus losing over ten grand in less than a week.</p>  
<h2 class="wp-block-heading" id="h-3-fed-s-next-move">3. Fed’s Next Move</h2>  
<p>Recently, the Bank of England lowered the interest rates in the country by 0.25 points. However, the US Federal Reserve has not taken such a move and the rates are reading at 5.25% to 5.50%. Lower interest rates are generally seen as bullish for assets like crypto as they make borrowing cheaper.</p>  
<h2 class="wp-block-heading" id="h-4-etf-outflows">4. ETF Outflows</h2>  
<p>As reported on Saturday, the outflows from the spot Bitcoin ETFs levelled up to almost $240 million on Friday – the highest in about three months. The withdrawals from the Ethereum ETFs continued to be in the red for a second consecutive week.</p>  
<p>The ETF flows have proven in the past that they could have an immediate impact on BTC’s price, especially the outflows. Consequently, they could be a major reason behind the asset’s fall to and below $60,000.<br>According to <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>, Bitcoin is currently trading with a price value of $57,742.14 recording a 4.83% decrease at the hour of writing in the last 24 hours.</p>  
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>  
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/unstable-times-what-the-stablecoin-crackdown-means-for-crypto/" rel="noopener noreferrer nofollow">Unstable Times: What the Stablecoin Crackdown Means for Crypto</a></li>  
 <li><a href="https://cryptonewsland.com/top-crypto-pick-of-2024-moon-keynote-spearheads-blockdag-towards-20000x-roi-in-2024-dogwifhat-rises-monero-teeters/" rel="noopener noreferrer nofollow">Top Crypto Pick of 2024: Moon Keynote Spearheads BlockDAG Towards 20,000x ROI in 2024; Dogwifhat Rises, Monero Teeters</a></li>  
 <li><a href="https://cryptonewsland.com/bitcoin-sinks-to-55000-amid-mt-gox-sell-off/" rel="noopener noreferrer nofollow">Bitcoin Sinks to $55,000 Amid Mt. Gox Sell Off, Market Sees Highest Liquidations Since FTX Collapse</a></li>  
 <li><a href="https://cryptonewsland.com/crypto-market-sinks-fast-economists-debate-consequences/" rel="noopener noreferrer nofollow">Crypto Market Sinks Fast, Economists Debate Consequences</a></li>  
 <li><a href="https://cryptonewsland.com/bitcoin-sinks-following-new-ath-trader-unfazed-and-prepares-for-eth-rally/" rel="noopener noreferrer nofollow">Bitcoin Sinks Following New ATH, Trader Unfazed and Prepares for ETH Rally</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-loses-10000-in-unstable-week-price-sinks-under-60000/" rel="noopener noreferrer nofollow">Bitcoin Loses $10,000 in Unstable Week, Price Sinks Under $60,000</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Loses $10,000 in Unstable Week, Price Sinks Under $60,000

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