Bitcoin prices took a sharp turn downward, dipping below $60,000 late Tuesday after reaching a session high of $63,000. The sudden drop, which extended into early Wednesday trading, was likely due to profit-taking following the recent surge in optimism sparked by Federal Reserve Chair Jay Powell’s comments about impending interest rate cuts. Powell hinted at potential rate reductions in September during his speech at the Jackson Hole forum, a factor that has increasingly influenced Bitcoin’s price movements.
As Bitcoin continues to slide, its performance in August has worsened. The leading cryptocurrency began the month trading at $65,000 but has since dropped to around $59,000. With just a few trading days left, this marks a 9% decline for the month, deepening its losses. Bitcoin has been volatile since hitting a record high of over $73,000 in March, with its price zigzagging between gains and losses each month.
Ethereum, the second-largest cryptocurrency by market capitalization, has fared even worse than Bitcoin. On Tuesday, Ethereum’s price fell over 10%, slipping below $2,500 after opening the day close to $2,700. This marks a significant decline for the digital asset, which is now on track to record its third consecutive losing month. Over this period, Ethereum has lost a total of 36%, underperforming Bitcoin.
Despite the recent launch of nine spot Ether exchange-traded funds (ETFs), Ethereum has struggled to gain traction in the market. These ETFs have yet to deliver net gains, adding to the pressure on Ethereum’s price. The cryptocurrency market as a whole appears to be in a period of consolidation, with both Bitcoin and Ethereum facing significant headwinds.
As the month comes to a close, traders and investors are keeping a close eye on the next moves by the Federal Reserve and how they might impact the broader financial markets, including cryptocurrencies. The upcoming interest rate decisions could play a pivotal role in determining the direction of digital assets in the coming months.
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