Bitcoin Is Down to $52,000, Continues to Shed Value Amid a Generally Bearish Sentiment on Financial Markets
- WBOYOriginal
- 2024-08-05 18:27:43459browse
Bitcoin continues to shed value amid a generally bearish sentiment on financial markets. The price of the oldest and most well-known cryptocurrency dropped to $51,600
Bitcoin price dropped to $51,600 on Monday, marking its lowest level since February, as the world's largest cryptocurrency continued to shed value amid a bearish sentiment in financial markets.
Bitcoin fell to $51,600 on the Bitstamp exchange on Monday, continuing a sell-off that saw the cryptocurrency lose about $10,000 in value since Friday evening.
The second-largest cryptocurrency, ether, also dropped sharply.
Bitcoin experienced a sell-off last week, which Emden-Research analyst Timo Emden attributed to a "cocktail of uncertainty" in the cryptocurrency.
“Specifically, renewed recession fears in the United States are catching investors off guard,” Emden said.
These concerns were fueled by weak US jobs data, which showed an unexpected slowdown in the unemployment rate in July, reaching its highest level in nearly three years.
Other cryptocurrencies also faced strong selling pressure at the beginning of the week. Ether fell about 15% to $2,340, dealing a blow to the newly launched ether ETFs, which are designed to attract new investors in the United States.
The total market capitalization of all cryptocurrencies fell sharply, dropping about 14% to $1.85 trillion. The Bitcoin dominance rate was last reported at about 56%.
Bitcoin had risen to just below $70,000 a week ago, with statements from Republican presidential candidate Donald Trump pushing the cryptocurrency towards its record high, which was last reached in March at just over $74,000.
Trump had promised to make the US the "crypto capital of the planet and the Bitcoin superpower" if he were to return to the White House after the November election.
The price movements over the past week highlight the volatility of trading in cryptocurrencies, with investors being repeatedly warned about the potential for sharp declines in the price of Bitcoin and other cryptocurrencies.
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