đŸ”„đŸ”„đŸ”„ #bitcoin☀ dips to $53K after Bank of Japan’s rate hike, Ether follows drop as global market panic ensues

Bitcoin and Ethereum Prices Plummet Amid Market Selloff

Bitcoin ($BTC ) and Ethereum ($ETH ) have experienced a dramatic decline due to a broader market selloff. BTC has dropped to $53,000, and ETH has erased its 2024 gains as panic grips global financial markets following the Bank of Japan's unexpected interest rate hike.

Market Correction Details:

Bitcoin (BTC): Fell 12% in the past 24 hours and 20% over the past week, reaching levels not seen since February.

Ethereum (ETH): Plunged 21% in 24 hours and 30% over the past week, reverting to December 2023 levels.

Overall, crypto markets are down 10% in the past 24 hours, with decentralized finance (DeFi) assets seeing a 17.3% decline over the same period and a 27.8% drop in the past week.

Impact of Bank of Japan Rate Hike:


The selloff was triggered by the Bank of Japan’s unexpected interest rate hike last week, which strengthened the yen and caused a significant drop in Japanese stocks. The Nikkei index has fallen 15% over three sessions, now 20% below its mid-July peak. This volatility has impacted global markets, with the US Nasdaq sliding over 5% in the last two trading sessions.

Further market uncertainty is driven by the US Federal Reserve’s unclear stance on potential September rate cuts. Traders are now pricing in a 100% chance of lower US base rates in September, with a 71% probability of a 50 basis point cut. The US 10-year Treasury yield has fallen sharply from 4.25% to 3.75% over the past week.

Bitcoin Price Decline:


The chart shows Bitcoin's price dropping from around $70,000 to below $55,000 in a short period, reflecting a steep and consistent decline with minimal recovery. This 17% drop highlights a significant market correction, likely influenced by broader economic factors.


Source - cryptobriefing.com

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