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Cryptocurrency News Articles
Why Is The Crypto Market Down Today? Bitcoin Price Dips to $60K
Oct 02, 2024 at 06:49 am
Just when the whole crypto community thought we were ready for “uptobar,” the market turned against us. The Bitcoin price dipped 4.5% today and is now trading just slightly above $60k.
The whole crypto community was preparing for “uptobar,” but the market had other plans. The Bitcoin price dipped 4.5% today and is now trading just slightly above $60k.
Ethereum also dipped 6% and is now trading below $2.5k. Many altcoins faced 10-20% plunges. But, what’s going on?
Well, tensions in the Middle East are a major factor. Tensions escalated sharply as Iran launched missiles at Israel, which has led to increased investor anxiety across various asset classes, including crypto.
In fact, the market faced substantial long liquidations, with about $403 million worth of long positions being liquidated in just 24 hours.
But, there are still a lot of bullish signals. As Miles Deutscher pointed out:
You're seriously going to panic sell your bags? Just as:
• The FED officially pivoted with a 50bps rate cut
• China is stimulating its economy
• Global liquidity is on the rise
• FTX distributions are beginning
• Q4 (crypto's best qtr historically) has just begun
• The …
On top of this, Bitcoin historically pumps in Q4 after the halving, so we’ll see if it manages to do the same this time.
For now, the market is “in the red,” and we’ll see how this week and October play out.
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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- Conflict Fears Rattle Markets: U.S. Stocks Slide, Bitcoin and Ethereum See Sharp Declines
- Oct 02, 2024 at 10:25 am
- On Oct. 1, 2024, reports flooded in stating that Iran had launched missiles at Israel, with most of the attacks successfully intercepted. However, Israeli military spokesperson Daniel Hagari noted that “a few hits” did occur.
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- Bitcoin (BTC) Price Is Trading 7% Below the Local High of $66,508 Reached on Sept. 27, but Some Analysts Are Optimistic That This Correction Could Just Be a Reset of Key Metrics as BTC Prepares for Massive Gains in the Last Quarter of 2024
- Oct 02, 2024 at 10:20 am
- BTC is near all-time highs, yet the valuation metrics have all declined from extreme overbought in March to around 17-75% on a 4-year Z-score.
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- Bitwise Takes a Step Toward XRP ETF
- Oct 02, 2024 at 10:20 am
- Ripple's XRP barely budged after the Delaware filing was confirmed.
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- Filipino Canadian Pop-Punk Singer-Songwriter Mico Continues His Rise In The Global Music Scene With The Release Of His Latest Single, “Senses”
- Oct 02, 2024 at 10:15 am
- Taking to Instagram to share the exciting news, Mico thanked his fans, also known as “Amicos,” for their overwhelming support, especially for selling out his London show in record time.