Why did bitcoin drop today
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Events since have given ample reasons for sellers to emerge. Among them was a stronger-than-expected inflation report that called into question the U.S. Federal Reserve's early 2023 assertion that a disinflation trend had begun. The central bank itself has acknowledged as much, with Chair Jerome Powell earlier this week telling Congress the Fed has far more work to do to bring inflation back to its 2% target. Will bitcoin rise again Bitcoin, the world’s largest digital currency by market value, was down 5 percent to $32,860.91 at around 7:12 a.m. ET, according to data from Coindesk.Bitcoin status
According to Da Costa, while comparisons between bitcoin and gold were appropriate in 2021, more recent market dynamics show that cryptocurrencies also behave in line with technology stocks. She said: “Throughout last year, bitcoin was seen as a potential hedge against inflation, a characteristic akin to gold. However, this narrative has shifted in the first quarter of the year as the direct correlation between cryptocurrency and tech stocks becomes more apparent.” Will Bitcoin ever hit $100K? Since launching in 2008, opponents of Bitcoin have used its short history to defend their hesitance. Questions have arisen around how Bitcoin would perform during a financial crisis or recession, as the coin is extremely susceptible to uncertainty.
A functional and decentralised digital currency
In this case, the winner would be Bitcoin. Better regulation would increase confidence in bitcoin and could see its price rise more than altcoins. The BTC dominance should increase. So a price of $50,000 would be easier. Why does Bitcoin rise? Yet many investors could be intrigued and tempted by today’s stability. It feels as if Bitcoin is biding its time, waiting for circumstances to move in its favour.How far will crypto fall
BUY | Call Date: 21 Aug 2023 The global cryptocurrency market cap fell 2.3% to $1.1tn, with Bitcoin dropping 2% to $26,432. Ethereum was also below the $1,850 mark. Other tokens, including BNB and Solana, fell by over 6%, and XRP, Cardano, Polygon and Polkadot traded with cuts. The US SEC's recent crackdown on Binance and Coinbase sparked fear in the markets, with top altcoins declining by over 10% in the past week. The presence of bearish engulfing candles indicates potential selling pressure and dominance by sellers, according to Sathvik Vishwanath, Co-Founder & CEO of Unocoin. See related article: Bitcoin hits lowest price in two years as Binance cancels FTX acquisition