Ethereum

bullish

Bank

Cryptocurrency

Bitcoin

<p>The post <a href="https://coinpedia.org/news/heres-why-the-crypto-market-is-falling/">Here’s Why the Crypto Market is Falling</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/news/why-is-the-crypto-market-down-today-key-reasons-behind-the-bloodbath-on-satoshi-street/" target="_blank" rel="noreferrer noopener">After a market crash on August 5, 2024,</a> the overall cryptocurrency landscape was experiencing an upside move. Amid this bullish momentum, top assets <a href="https://coinpedia.org/news/will-bitcoin-crash-again-insights-from-industry-experts/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC)</a> and Ethereum (<a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) have experienced notable price surges and also hit the $57,600 level and $2,551, respectively. However, both are now experiencing notable selling pressure.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-and-ether-fall-again-nbsp"><strong>Bitcoin and Ether fall again&nbsp;</strong></h2> 
<p>At press time, BTC and ETH have seen price drops of 3.8% and 6% respectively, in the last 24 hours.&nbsp;</p> 
<p>The bullish rally in the cryptocurrency and other markets was driven by Shinichi Uchida, the Deputy Governor of the Bank of Japan, who stated that the bank won’t increase the interest rate. This comment from the Deputy Governor not only created stability in the market but also supported both Japanese stocks and the U.S. stock market.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-potential-reasons-for-the-cryptocurrency-decline"><strong>Potential reasons for the Cryptocurrency decline</strong></h2> 
<p>However, this optimism in the market was only for a short period. After a gap-up opening, the U.S. Nasdaq and S&amp;P 500 declined, with both currently down by 0.97% and 0.78% respectively. Meanwhile, Dow Jones is down by 0.6%. At press time, all these indexes are moving toward the previous day’s lows.&nbsp;</p> 
<p>This immediate fall in the U.S. stock market has caused a massive decline in the cryptocurrency market.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-signs-of-recession-nbsp"><strong>Signs of recession&nbsp;</strong></h2> 
<p>Amid this downturn, former president of the Federal Bank of New York Bill Dudley stated that the Fed needs to cut the interest rates significantly and soon, according to a recent <a href="https://www.bloomberg.com/opinion/articles/2024-08-07/federal-reserve-markets-wild-ride-has-just-begun?sref=3REHEaVI" target="_blank" rel="noreferrer noopener nofollow">Bloomberg</a> report. Dudley believes the rising of unemployment as it reached 4.13% indicates a recession may be on its way.</p> 
<p>Additionally, he suggested that to neutralize the interest rates the Fed would need to cut rates by at least 150 basis points and potentially another 100 basis points for the economic support.&nbsp;</p> 
<p>Whereas, JPMorgan CEO Jamie Dimon speaking with CNBC said that the Fed interest rate cut won’t have much impact on the market.&nbsp;</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/whats-next-for-toncoin-ton-and-notcoin-not-as-bullish-sentiment-intensifies/">What’s N</a><a href="https://coinpedia.org/price-analysis/whats-next-for-toncoin-ton-and-notcoin-not-as-bullish-sentiment-intensifies/" target="_blank" rel="noreferrer noopener">ext For Toncoin (TON) And Notcoin (NOT) </a><a href="https://coinpedia.org/price-analysis/whats-next-for-toncoin-ton-and-notcoin-not-as-bullish-sentiment-intensifies/">As Bullish Sentiment Intensifies?</a></p>

Here’s Why the Crypto Market is Falling

Table of Contents

CoinPedia News

Other articles published on Aug 7, 2024

Solana Ecosystem Tokens Lead Crypto Market Rebound

IOTA Token Achieves Shari’a Compliance, Certified by Cambridge Institute

Solana-Based Memecoins Surge Over 30% As SOL Price Recovers

Lumoz Announces Major Upgrade to Etrog

Investor Jangka Panjang Tetap Tenang saat Bitcoin Anjlok, Pertanda Apa?

Crypto Market Turmoil: Is Now the Time to Buy or Sell?

Join our free newsletter for daily crypto updates!