đ„đ„đ„ #bitcoinâïž dips to $53K after Bank of Japanâs rate hike, Ether follows drop as global market panic ensues
Bitcoin and Ethereum Prices Plummet Amid Market Selloff
Bitcoin ($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 Japanâs 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 Reserveâs 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
