Bitcoin fell below $50,000 today and the world economy is reeling amid growing recession concerns. Key events driving global sales include:
⚫ Increasing Unemployment Rate
— The unemployment rate in the USA rose to 4.3% in July, above expectations.
— High unemployment indicates a potential recession that could cause both the stock market and cryptocurrency to crash.
⚫ Turmoil in the Asian Market
— Japan's NIKKEI fell a historic 13%, the worst decline since the 1987 crash.
— South Korea's KOSPI index fell 8.7%, triggering a temporary halt.
— Taiwan's TAIEX index fell 8.4%, its worst day ever.
⚫ Mt. Gox and Genesis Distribution
—Mt. Gox has only 46 thousand BTC left, worth $ 2.5 billion, to distribute to creditors.
— Genesis will begin distributing $2 billion worth of BTC.
⚫ Stock Market Turmoil
— The US capital market lost over 3 trillion dollars in a single day due to the bursting of the artificial intelligence bubble.
- 500 billion dollars were lost in just one night.
⚫ Fed Maintains Current Interest Rates
— The Fed kept interest rates at 5.25-5.50%, affecting market sentiment and liquidity.
— Without lowering rates, the market may view this as a bearish signal.
⚫ Miner Reserves Drop Amid ATH Challenge
— Bitcoin mining difficulty has reached an all-time high, causing miners to sell reserves to offset costs.
— Bitcoin mining reserves have been extremely low since the crash on July 15.
⚫ Kamala Harris' Rates Increase
— Crypto betting site Polymarket saw Harris' odds rise to 43% compared to Trump's 53%.
