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Crypto Slump Continues Despite Uplift In Traditional Financial Markets
(MENAFN- The Rio Times) As the digital currency realm experienced another day of decline, bitcoin and Ethereum extended their downward trajectory for the second consecutive session on Thursday.
Despite the broader market's pro-risk environment, cryptocurrencies failed to capitalize on the opportunity to rebound.
Bitcoin dipped 2.17% to $57,682.99 within the last 24 hours, per Binance data, peaking at just over $59,000 before losing momentum. Ethereum also saw a significant drop, falling 4.34% to $2,539.40.
Interestingly, this downtrend in cryptocurrencies came against a backdrop of seemingly positive economic indicators from the United States that would typically encourage investment in riskier assets.
Retail sales in the U.S. unexpectedly increased by 1% last month, and Walmart reported robust earnings. Furthermore, weekly jobless claims were slightly below consensus forecasts.
These factors typically bolster equity markets and Treasury yields as they alleviate concerns about a potential recession in the world's largest economy.
However, cryptocurrencies did not partake in the risk-on mood this session, with Bitcoin plunging below $58,000 again. Despite the general economic optimism, digital currencies exhibited instability.
In related news, BB Seguros announced a new initiative allowing clients to make additional contributions to their private pension plans using cryptocurrencies.
This service is available through Banco do Brasil's BB Pay app, which facilitates multiple payment methods.
Customers can make payments using a variety of digital currencies. These include Bitcoin, Ethereum, Binance , Celo, Solana, Polkadot, Ripple, Dash, Avalanche, and Algorand.
This continuous decoupling of cryptocurrency performance from broader economic trends highlights the unique market dynamics. It also underscores the investor sentiment that drives digital currency movements.
Despite positive economic news, the reluctance of cryptocurrencies to rally suggests a complex interplay of factors. This influences investor confidence in the sector.
Despite the broader market's pro-risk environment, cryptocurrencies failed to capitalize on the opportunity to rebound.
Bitcoin dipped 2.17% to $57,682.99 within the last 24 hours, per Binance data, peaking at just over $59,000 before losing momentum. Ethereum also saw a significant drop, falling 4.34% to $2,539.40.
Interestingly, this downtrend in cryptocurrencies came against a backdrop of seemingly positive economic indicators from the United States that would typically encourage investment in riskier assets.
Retail sales in the U.S. unexpectedly increased by 1% last month, and Walmart reported robust earnings. Furthermore, weekly jobless claims were slightly below consensus forecasts.
These factors typically bolster equity markets and Treasury yields as they alleviate concerns about a potential recession in the world's largest economy.
However, cryptocurrencies did not partake in the risk-on mood this session, with Bitcoin plunging below $58,000 again. Despite the general economic optimism, digital currencies exhibited instability.
In related news, BB Seguros announced a new initiative allowing clients to make additional contributions to their private pension plans using cryptocurrencies.
This service is available through Banco do Brasil's BB Pay app, which facilitates multiple payment methods.
Customers can make payments using a variety of digital currencies. These include Bitcoin, Ethereum, Binance , Celo, Solana, Polkadot, Ripple, Dash, Avalanche, and Algorand.
This continuous decoupling of cryptocurrency performance from broader economic trends highlights the unique market dynamics. It also underscores the investor sentiment that drives digital currency movements.
Despite positive economic news, the reluctance of cryptocurrencies to rally suggests a complex interplay of factors. This influences investor confidence in the sector.
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