Why did the cryptocurrency price drop and bitcoin fall below $19,000?
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Answer Why did the cryptocurrency price drop and bitcoin fall below $19,000?
In the last 24 hours, the prices of cryptocurrencies have fallen significantly.
The price of Bitcoin is down nearly 6% in the past 24 hours.
Bitcoin is currently trading at $18,760.
Coinciding with the decline of Bitcoin and despite the “Bellatrix” upgrade, Ethereum is showing a very bearish movement as well.
The price of Ethereum has fallen by more than 7% in the past 24 hours and is currently trading at $1510.
The entire cryptocurrency market is in red at the time this article was published.
Yesterday, altcoins showed their strength despite the modest performance of Bitcoin.Read:A report reveals the most friendly country for cryptocurrency!
But almost all cryptocurrencies are currently down.
While the price of the cryptocurrency BNB is down by 6%, the price of Cardano is down by nearly 9%.
MATIC’s price is down over 9%.
Meanwhile, Ethereum Classic (ETC), which has been showing a very bullish movement, has fallen nearly 15% over the past 24 hours.
Why did the cryptocurrency market crash?
Much of the current cryptocurrency crash can be attributed to macroeconomic factors.
Bitcoin price fell as the dollar showed renewed strength.
The dollar jumped to its highest level in 20 years.
The Bloomberg Dollar Index hit record highs.
Similarly, 10-year US Treasuries have shown strength in anticipation of the Fed’s quantitative tightening.
The traditional market has also fallen in response to a stronger dollar.
The S&P 500 is down 0.4% while the Nasdaq 100 is down 0.7%.
Gold prices also fell in response to the strength of the dollar.
Crypto is heavily influenced by macroeconomic factors and traditional market performance.Read:Bibox Announces Acquisition of a Decentralized Trading Platform
Coinbase research has highlighted that cryptocurrencies are closely correlated with public markets, particularly technology stocks and the tech-oriented Nasdaq.
Investors may also exercise caution before upgrading the merger.Read:Why do cryptocurrency companies choose Abu Dhabi to establish their activities?
The Ethereum merger is a very big event and is likely to have a huge impact on cryptocurrency prices.
A successful consolidation can lead to an upward movement.
However, there could be some problems after the integration upgrade which would be disastrous if it actually occurred.
Upcoming major events:
The entire market is awaiting the release of the CPI data on September 13th.
Good CPI data can be a boon to the crypto market.
Financial markets will also be looking forward to the Fed’s announcements and decisions which will have a direct impact on the crypto market.
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