Bitcoin Falls Below $60,000 – Crypto Markets Stressed

The price curve of Bitcoin has dropped by 6 percent overnight, BTC is now trading below $60,000. Ethereum (ETH) and other altcoins also made losses. Nervousness is shaping the crypto markets.

The overall crypto market has slipped around 7 percent into the red in the last 24 hours, with the leading currency Bitcoin (BTC) slipping below the psychologically important mark of $60,000. At the same time, the support line of $2,500 no longer held for Ethereum (ETH). The charts are full of red numbers, and nervousness is palpable.

There are currently a number of factors coming together that are dampening optimism for the price development of Bitcoin and Co.:

– August is almost over, and large companies like Nvidia will be releasing quarterly figures. In weeks like these, investors tend to shift capital into investments that are supposedly less risky than Bitcoin.

– Bitcoin ETFs , like Ethereum ETFs, experienced capital outflows on yesterday’s US trading day.

– There is uncertainty in the Bitcoin options markets, with positions worth around $313 million being liquidated yesterday, according to Wu Blockchain .

– The arrest of Telegram founder Pavel Durov is keeping the crypto scene busy, Toncoin (TON) has suffered a significant loss with a weekly loss of 20 percent. In addition, the Toncoin blockchain was down for hours.

– Whale Panda observes sell-offs in Ethereum and interprets this as a sign that the sentiment in the crypto markets is changing.

– The Fear & Greed Index tries to capture whether crypto investors are more driven by fear or greed in their strategies. At the moment, the indicator is pointing towards fear.

– A reduction in the key interest rate is expected in the USA – but the timing is unclear. Data on inflation trends are expected tomorrow, Thursday, and the labor market is also being closely monitored.

Conclusion: Crypto summer ends disastrously for Bitcoin and Co.

Historically, September is not a good month for Bitcoin either; in 7 of the last 10 years, BTC ended September in the red. This is now threatening to happen in August as well. Many experts still believe that a rally for Bitcoin later in the year is quite possible, in which the US presidential election could also play a role.

But for now, Bitcoin, Ethereum and other cryptocurrencies are looking for good news to stabilize themselves. If this does not succeed, weeks lie ahead in which Bitcoin investors will once again need strong nerves to price trends into their strategies.

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(Featured image by Cedrik Wesche via Unsplash)

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