ALBAWABA – Bitcoin, the first decentralized cryptocurrency, fell below $60,000 amid the continuous losses in the cryptocurrency market.
Bitcoin fell below $60,000
Bitcoin, the world's largest cryptocurrency dropped by nearly 5.38% yesterday to $59,593, after recording a slight increase by 0.37% in the past seven days, according to CoinMarketCap.
This decline occurred despite the US cryptocurrency exchange-traded funds inflows. Thus, the market is facing concerns about potential US government sales of crypto tokens.
It is worth noting that Bitcoin recorded an overall increase by 41% this year, reaching its highest levels in March when it scored $73,798, according to Bloomberg.
Cryptocurrency Market
On another hand, the cryptocurrency market cap fell by almost 5.3% to $2.09 trillion. Ethereum, the second largest cryptocurrency in the world fell by 7.64% in the past 24 hours to $2,478.31 and 4.39% in the past seven days overall.
Interest rate cuts
Last week, Jerome Powell, Chair of the Federal Reserve of the United States, announced upcoming interest rate cuts to begin in September 2024. Following his latest remarks, Bitcoin and other cryptocurrencies saw a boost.
Bitcoin jumps more than 5%, along with other cryptocurrencies, following Powell’s recent remarks
Bitcoin recorded an overall increase by 41% this year, reaching its highest levels in March when it scored $73,798, according to Bloomberg. (Shutterstock)
Following Powell’s speech, Bitcoin recorded a boost of more than 5.59% reaching $63,720 per coin, while Ethereum increased by 2.9% to $2,685. Solana rose by 2.4% to $147 and Polkadot gained 2.7% on the same day.
Bitcoin and other cryptocurrencies experienced a significant drop this week after the major increase they recorded last week following Powell remarks. August 2024 recorded diverse fluctuations in the cryptocurrency market, but Bitcoin maintained its secure value between $55,000 and $70,000 since April 2024.
