Bitcoin plummet warning: The 50,000 mark is in danger, and the bottom of the abyss is unknown!
Arkus Thielen, chief analyst of 10xResearch, a well-known market research institution, recently observed that the cryptocurrency market is showing several positive signs of increased resilience, especially the strong interest of institutional investors in spot Bitcoin ETFs and the decline of Bitcoin prices in the face of Mt .Gox’s stable performance in returning huge amounts of Bitcoin demonstrates the market’s ability to withstand pressure.
At the same time, U.S. economic conditions have shown a weaker trend in the last 48 hours than the Federal Reserve's initial forecast, and the weakness of the ISM index has had a significant impact on risk assets. Although the Federal Reserve has signaled that it may cut interest rates in the fall, this move does not seem to be effective in curbing the economic downturn.
Market concerns: If the stock market continues to follow the downward trajectory of the ISM manufacturing index, or even reflects expectations of an economic recession in advance, the stock market may face the risk of a sharp decline in the next few quarters.
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In this situation, Bitcoin, as one of the risky assets, is not immune to its price trend. There is a possibility of being sold off on a large scale and falling below the US$50,000 mark, or even falling further. Although the cryptocurrency market has shown a certain degree of resilience internally, the uncertainty of the external macroeconomic environment still poses a threat to risky assets such as Bitcoin that cannot be ignored.
