Ethereum

Internet Computer

Bitcoin

Dogecoin

Meta

<p>Today the crypto market has slumped; Bitcoin leads the way. CoinGecko’s statistics show that <a href="https://captainaltcoin.com/these-2-indicators-signal-an-imminent-bitcoin-price-rally/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s (BTC)</a> price has dipped below $56,000.&nbsp;</p>
<p><a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC trades at $55,593.88</a> at press time. Over the previous week, this shows a 1.61% reduction; the last day’s percentage is 2.52%. Macroeconomic changes and crypto movements are among the several elements behind the general fall in the market.</p>
<h2 class="wp-block-heading" id="strong-large-ethereum-deposits-to-binance-strong"><strong>Large Ethereum Deposits to Binance</strong></h2>
<p>Per Lookonchain, Metalpha has made <a href="https://crypto.news/ethereum-whales-panic-493m-eth-entered-exchanges-in-7-days/" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> deposits to Binance in the past five days. A total of 55,588 ETH, valued at $128.7 million, has been transferred, with the most recent deposit of 21,999.5 ETH ($51.16 million) occurring just one hour ago at the time of the report.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Metalpha deposited 21,999.5 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($51.16M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> again 1 hour ago.<a href="https://twitter.com/hashtag/Metalpha?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Metalpha</a> has deposited a total of 55,588 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($128.7M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> in the past 5 days and currently holds 30.5K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>($70.3M).<a href="https://t.co/Ubxf8zwbmS" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Ubxf8zwbmS</a> <a href="https://t.co/I65caBzU4L" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/I65caBzU4L</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1833868138334794095?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>These large transactions often raise concerns among market participants, as such movements can signal a potential increase in sell pressure. Currently, Metalpha holds 30,500 ETH ($70.3 million) in its reserves, which has added to the market’s volatility.</p>
<p>These large-scale ETH transactions come at a time when the crypto market is already facing heightened uncertainty. This further contributes to the overall decline in both Bitcoin and Ethereum prices. The continued movement of ETH could potentially lead to more market corrections if these funds are liquidated.</p>
<h2 class="wp-block-heading" id="strong-impact-of-cpi-data-and-broader-economic-factors-strong"><strong>Impact of CPI Data and Broader Economic Factors</strong></h2>
<p>Economist and crypto expert Michaël van de Poppe said that markets hardly responded to the humdrum <a href="https://www.fxstreet.com/news/us-cpi-data-set-to-show-inflation-declining-further-towards-2-target-in-august-202409110443" target="_blank" rel="noopener noreferrer nofollow">Consumer Price Index (CPI)</a> data release.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">CPI is a big nothing burger.<br><br>Coming in as expected, markets are barely moving based on the news. <br><br>Generally, CPI has dropped to 2.5%, which is significantly lower than the 3.0% from previous month. <br><br>Inflation is cooling down.</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1833847149395693857?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The CPI dropped from 3.0% the month before to 2.5% reflecting lowering inflation. Notwithstanding this, since the publication of U.S. employment data markets—including both traditional and cryptocurrency stocks—have been in correcting mode.</p>
<p>In addition, major tech stocks like Nvidia, Microsoft, Google, and Meta have also seen declines, contributing to the overall risk-off sentiment in the market <a href="https://wiseadvice.in/can-bitcoin-beat-its-historic-september-month-or-could-this-year-be-different" target="_blank" rel="noopener noreferrer nofollow">according to Wise Advise</a>. Nvidia, in particular, saw its largest daily drop since April 2024, following an antitrust subpoena from the U.S. Department of Justice.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Celebrate Dogecoin and Make Big Gains with Doge2014!
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p><strong><a href="https://doge2014.io" target="_blank" rel="noopener noreferrer nofollow">Doge2014</a></strong> raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on <strong><a href="https://doge2014.io/en/airdrop" target="_blank" rel="noopener noreferrer nofollow">exclusive airdrop</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<p><strong><em>Read also: <a href="https://captainaltcoin.com/why-is-internet-computer-icp-price-pumping/" target="_blank" rel="noopener noreferrer nofollow">Why Is Internet Computer (ICP) Price Pumping?</a></em></strong></p>
<h2 class="wp-block-heading" id="strong-september-s-historical-trends-for-bitcoin-strong"><strong>September’s Historical Trends for Bitcoin</strong></h2>
<p>September has historically been a challenging month for Bitcoin and the broader crypto market. Wise Advice pointed out that Bitcoin often faces difficulties during this period, raising questions about whether it can overcome its historical September struggles.</p>
<p>This recent correction in Bitcoin prices aligns with these historical trends, as investors remain cautious, anticipating further volatility throughout the month. Combined with economic factors and large-scale ETH transactions, this has created an atmosphere of uncertainty across the crypto space.</p>
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. <a href="https://www.etoro.com/customer-service/terms-conditions/trading-restriction/" target="_blank" rel="noopener noreferrer nofollow">Take 2 mins to learn more</a></strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-crashing-today-as-bitcoin-price-dips-below-56k/" rel="noopener noreferrer nofollow">Why Is The Crypto Market Crashing Today as Bitcoin Price Dips Below $56K</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is The Crypto Market Crashing Today as Bitcoin Price Dips Below $56K

Table of Contents

CaptainAltcoin

Other articles published on Sep 11, 2024

Fetch.ai Bullish Divergence Hints at 162% Surge to $3.485

Trump-Harris Debate: The Forgotten Crypto… Once Again!

Weekly Article Recap: 8/26-8/30

Pasar Menghijau, 26 Persen Pemegang Toncoin Dalam Posisi Cuan

Peter Brandt Foresees Bitcoin’s Next Surge

Analyst Predicts Ripple (XRP) Could Reach $40 Based on Technical Patterns

Join our free newsletter for daily crypto updates!