Bitcoin's price has fallen by 6.5% in the past week, following a downward trend on Sept. 3 alongside drops in the DOW, S&P 500, and Nasdaq Composite. The Bank of Japan's statements have sparked recession fears, impacting global markets. The yen strengthened against the US dollar after the BoJ hinted at interest rate hikes, causing Bitcoin to lose $1,700 in two hours on Sept. 3. Retail demand for Bitcoin has dwindled, with Google search interest hitting a 12-month low in August. Despite remaining range-bound between $50,000 and $70,000, Bitcoin is considered fairly valued based on economic fundamentals. VanEck predicts Bitcoin could reach $2.9 million by 2050. This article does not offer investment advice, emphasizing the importance of conducting personal research before making financial decisions. Read more AI-generated news on: https://app.chaingpt.org/news

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