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Cryptocurrency News Articles
Bitcoin and Altcoins Plunge as Asian Markets Tumble, Geopolitical Tensions Rise
Sep 30, 2024 at 07:10 pm
The crypto market, led by Bitcoin and altcoins, is going through a turbulent phase. After a notable rise last week, the market abruptly shifted, plunging many investors into uncertainty.
The cryptocurrency market, spearheaded by Bitcoin and altcoins, is enduring a turbulent phase. After a notable rise last week, the market abruptly shifted, leaving many investors disconcerted by the sudden change in direction.
This decline, however, seems to be part of a larger narrative, influenced not just by internal crypto market dynamics but also by broader geopolitical and financial trends. Here's a closer look at the key factors at play.
Impact of Asian markets
The volatility in Asian markets played a key role in the downturn for Bitcoin and altcoins in recent days. A nearly 5% plunge by the Nikkei 225, Japan's benchmark index, had a domino effect on digital assets.
Bitcoin, which remained above $66,000 until recently, faced significant selling pressure, trading at $64,536, marking a nearly 2% drop.
One of the main reasons behind this drop was growing concerns about decisions by the Bank of Japan. The recent victory of Shigeru Ishiba, an influential political figure, brought back fears of a rise in interest rates in the archipelago.
Such a move could lead to a stronger yen, boosting the sale of risky assets like Bitcoin.
Meanwhile, geopolitical tensions, especially the assassination attempt on Hezbollah leader Hassan Nasrallah, are heightening global economic uncertainty, which naturally has consequences for the crypto market.
The broader financial markets narrative often dictates trends for cryptocurrencies. While some anticipated a continuous rise for Bitcoin, Asian markets demonstrated just how quickly things can change.
Investors, both institutional and retail, had to factor in this new data to adjust their strategies accordingly.
Altcoins get swept up in the turbulence
The downturn for Bitcoin led to a notable drop in altcoins. Ethereum, BNB, and even Dogecoin recorded decreases ranging from 2% to 5%.
Being more volatile than Bitcoin, altcoins often amplify moves during market corrections. This time was no exception. Ethereum, for instance, traded at $2,634, down from its previous peak.
However, not all altcoins faced the heat. XRP, to everyone's surprise, managed to buck the trend by recording a 5.3% increase, reaching $0.645. This upward movement, albeit modest, showed that some cryptos still managed to stand out despite the general market correction.
Memecoins like Dogecoin and Shiba Inu were hit particularly hard in this scenario. With drops ranging from 5% to 8%, these cryptos popular among short-term traders demonstrated just how sensitive their value is to sudden market fluctuations.
As the markets continue to be shaken, all eyes are now on the upcoming US unemployment data release.
These figures, crucial for understanding the country's economic health, could have a major impact on the future trends of Bitcoin and altcoins. A worsening US jobs market could increase selling pressure, while signs of recovery might give a glimmer of hope to investors dreaming of seeing Bitcoin reach $1.5 million.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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