Cryptocurrencies, especially Bitcoin, started the week on a strong note after the big Bitcoin conference and Donald Trump's speech, with the price of Bitcoin surpassing $70,000. However, just as expectations for further gains were growing, the market suddenly reversed, leading to a massive crash. This drop affected not only cryptocurrencies, but also the global economy. So, why did cryptocurrencies fall, and what is the state of the market at the end of the week?
Why are cryptocurrencies falling?
The global economic recession is being attributed to a single event: tensions in the Middle East. Widespread stress and war anxieties seem to have gripped all markets. Recent news about possible US interest rate cuts in September and beyond has not stopped the recession.
The decline had a significant negative effect on the cryptocurrency, with the price of Bitcoin falling from just $3,500 to just under $13,000 from its all-time high and sparking rumors of further declines.
What is the current price of Bitcoin?
The uncertainty in the market caused the price of Bitcoin to drop to $60,500 in the early hours of the morning, before recovering slightly to $61,682 at the time of writing. The price is down 3.86% in the past 24 hours.
Bitcoin’s market capitalization faces the possibility of falling below $1.2 trillion for the first time in a long time. Meanwhile, investors looking to minimize losses have increased BTC trading volume. In the past 24 hours, trading volume rose 17.63% to $44.9 billion.
Meanwhile, Ethereum fell below $3,000 for the first time in 25 days. As of writing, Ethereum is trading at $2,972, down 5.47%. ETH’s trading volume grew 25% to $22.5 billion.
Finally, Solana, known as the Ethereum killer, suffered a more severe drop than its competitors, with the SOL price falling 6.5% to $151 and down more than 17% this week.
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