Although the stock markets have recovered from their recent crashes, Bitcoin The price of bitcoin and other cryptocurrencies has fallen today. Investors fear another drop. The market leader cryptocurrency was down by 3% on today. BTC fell below $58,000 on Thursday and the other cryptos also took a small dip. What caused this downturn?
It doesn’t seem like today’s drop has a true catalyst as the last two dips in summer 2024. The price of bitcoin was negatively affected by a German government sell-off. In just two weeks, the US stock market collapse also affected cryptocurrency prices. Stocks are now back on the rise, while Germany completed its Bitcoin sale last month. BTC could be experiencing a temporary correction or dip as there is no known reason behind Bitcoin’s drop.
Bitcoin on the Rise?
Over the past seven days the value of the asset fell by just under 5%. The last thirty days have seen a drop that is nearly 10%. The asset has room for a rebound, however. Many holders and asset management firms have taken action today.
Morgan Stanley has announced that it is now holding Bitcoin ETFs. This shows the firm’s commitment to the digital currency. Additionally, the state of Wisconsin Also, its Spot Bitcoin ETF held by the investment board increased to more than 447 000 shares. Marathon Digital Holdings has just bought $249 million of Bitcoin. Reserves of the mining company have reached 25,000 BTC.
Also Read: Marathon Digital Buys Another $249M in Bitcoin
Bitcoin is still gaining in popularity despite the recent drops in its price. In economics, and even on the government’s level, cryptocurrency as a topic is very hot. BTC, as the biggest asset in terms of market capitalization, also determines whether other crypto currencies perform well. BTC’s success is the key to all crypto. Since Bitcoin is down today, Ethereum and SOL have also been affected. It is possible that these assets will all rebound and close the week in the green. next week.
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Source: watcher.guru