$BTC $SOL $XRP #MarketDownturn
🔥🔥🔥 Here’s Why the Crypto Market is Falling: ⤵️⤵️⤵️
♦️ Story Highlights:
• As U.S. stocks declined, BTC and ETH have seen price drops of 3.8% and 6% respectively.
• The rising unemployment indicates that a recession may be on its way.
• After a gap-up opening, the Nasdaq and S&P 500 declined by 0.97% and 0.78% respectively.
📌 These last few months have been tough on the crypto markets. Just days after a dramatic crash on August 5, 2024, a surge of optimism swept through the market, propelling Bitcoin (BTC) and Ethereum (ETH) to impressive heights of $57,600 and $2,551, respectively. But don’t get too comfortable.
This sudden rally has taken an unexpected turn, with both crypto giants now facing intense selling pressure.
What triggered this rapid shift? And more importantly, where is the market headed next?
As of the latest update, Bitcoin and Ethereum have experienced notable declines, with BTC down by 3.8% and ETH dropping by 6% in the past 24 hours.
The initial rally across the cryptocurrency and other markets was sparked by Shinichi Uchida, the Deputy Governor of the Bank of Japan, who assured that the bank would not raise interest rates. This statement instilled confidence, leading to a surge in both Japanese and U.S. stock markets.
♦️ US Markets Are Stumbling
However, the optimism was fleeting. Despite a strong opening, the U.S. Nasdaq and S&P 500 faced declines, currently down 0.97% and 0.78% respectively, with the Dow Jones slipping by 0.6%.
Are We Headed Towards A Recession?
Amid this downturn, former president of the Federal Bank of New York Bill Dudley stated that the Fed needs to cut the interest rates significantly and soon, according to a recent Bloomberg report. Dudley believes the rising of unemployment as it reached 4.13% indicates a recession may be on its way.
#TONonBinance #XRPVictory #MarketDownturn #BlackRockETHOptions
