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Bitcoin, Ethereum see significant declines amid market turmoil
(MENAFN) Bitcoin experienced a significant drop of 6.4 percent, falling to USD58,777 by 2218 GMT on Tuesday, marking its largest decline since the global market upheaval on August 5. This recent decrease has pushed Bitcoin down by 20.3 percent from its peak of USD73,794, reached on March 14 of this year. Despite the recent downturn, Bitcoin has still managed to record a notable increase of 39 percent over the past year, reflecting its overall resilience despite the current volatility.
In tandem with Bitcoin's decline, Ethereum also saw a sharp drop, initially falling more than 7 percent before recovering somewhat to trade at approximately USD2,466, representing a decline of 4.6 percent. The downturn in Ethereum follows a period of increased optimism in the cryptocurrency market, which was partly fueled by Federal Reserve Chairman Jerome Powell’s recent remarks suggesting a potential reduction in benchmark interest rates. Powell’s comments had previously provided a boost to the cryptocurrency sector by hinting at an easing of the Fed's tight monetary policy.
Despite the recent declines, the year has been generally positive for cryptocurrencies, with Bitcoin still up 39 percent and Ethereum having risen by 7 percent. The recent corrections in their values highlight the ongoing volatility in the market, yet they continue to show substantial annual gains, reflecting a complex but generally upward trend for these digital assets.
In tandem with Bitcoin's decline, Ethereum also saw a sharp drop, initially falling more than 7 percent before recovering somewhat to trade at approximately USD2,466, representing a decline of 4.6 percent. The downturn in Ethereum follows a period of increased optimism in the cryptocurrency market, which was partly fueled by Federal Reserve Chairman Jerome Powell’s recent remarks suggesting a potential reduction in benchmark interest rates. Powell’s comments had previously provided a boost to the cryptocurrency sector by hinting at an easing of the Fed's tight monetary policy.
Despite the recent declines, the year has been generally positive for cryptocurrencies, with Bitcoin still up 39 percent and Ethereum having risen by 7 percent. The recent corrections in their values highlight the ongoing volatility in the market, yet they continue to show substantial annual gains, reflecting a complex but generally upward trend for these digital assets.
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