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Bitcoin witnesses selling pressure, falling below USD60K
(MENAFN) Bitcoin experienced a significant decline, trading below USD60,000 amid increasing market sell-offs and reduced holdings by cryptocurrency mining firms. The cryptocurrency dropped approximately 4.5 percent during trading sessions, approaching the USD58,000 mark. This drop has led to a decrease in Bitcoin’s market value, which now stands at USD1.1 trillion, according to CoinMarketCap. The recent volatility in Bitcoin's value follows a period of significant support driven by U.S. Republican presidential candidate Donald Trump’s statements that the United States would not liquidate any Bitcoin assets during his potential term.
The broader cryptocurrency market also felt the impact of this downturn, with Bitcoin's price decline reflecting a wider trend across digital assets. In particular, the Ether cryptocurrency fell by more than 3 percent, trading below USD2,600. The market value of Ether has decreased to USD312 billion, contributing to the overall downturn in the crypto market. This decline in Ether, alongside Bitcoin's struggles, highlights the ongoing instability and investor caution in the cryptocurrency space.
The market turmoil that began early last week has been exacerbated by a combination of factors, including increased selling pressure and uncertainties surrounding cryptocurrency holdings. The recent shock to global markets, which affected all sectors including cryptocurrencies, has resulted in a broader decline in digital asset values, with both Bitcoin and Ether experiencing substantial drops. As the market adjusts, investors are left grappling with the implications for their portfolios and the future stability of cryptocurrency assets.
The broader cryptocurrency market also felt the impact of this downturn, with Bitcoin's price decline reflecting a wider trend across digital assets. In particular, the Ether cryptocurrency fell by more than 3 percent, trading below USD2,600. The market value of Ether has decreased to USD312 billion, contributing to the overall downturn in the crypto market. This decline in Ether, alongside Bitcoin's struggles, highlights the ongoing instability and investor caution in the cryptocurrency space.
The market turmoil that began early last week has been exacerbated by a combination of factors, including increased selling pressure and uncertainties surrounding cryptocurrency holdings. The recent shock to global markets, which affected all sectors including cryptocurrencies, has resulted in a broader decline in digital asset values, with both Bitcoin and Ether experiencing substantial drops. As the market adjusts, investors are left grappling with the implications for their portfolios and the future stability of cryptocurrency assets.
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