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cryptocurrency price today: Cryptocurrency price today: Bitcoin, Etherium, Solana and others drop up to 17% in sell-off
Bitcoin (BTC) prices witnessed a sharp drop of up to 8% and were trading at $54,129 on Friday around 12:30 pm. The decline has extended to 12% in the past seven days. BTC’s drop had a knock-on effect on other cryptocurrencies including Etherium (ETH), BNB, Solana, XRP, Toncoin, DogecoinCardano, Tron, Avalanche and Shiba Inu have all fallen as much as 17%. Bitcoin has fallen below the $55,000 level to a two-month low amid uncertainty surrounding the US presidential election and Mt Gox outflows, said Edul Patel, CEO of Mudrex. Additionally, the German government moving another $175 million worth of Bitcoin and the Federal Reserve signaling that it is not ready to cut rates have also added to the pressure on the market, he added.
With three major supply gluts (Mt.Gox, US and German governments) currently being unloaded on BTC markets, expected selling pressure has sent prices of the largest crypto asset crashing to six-month lows after it surpassed the $55,000 mark earlier today, CoinSwitch Markets Desk.
The drop in cryptocurrency prices over the past 24 hours can be attributed to significant liquidations. Broader markets followed suit, with the price of altcoins getting crushed, and market-wide liquidations exceeding $300 million in the past 24 hours, the CoinSwitch Markets Desk note said.
Source: CoinMarketCapSathvik Vishwanath, co-founder and CEO of Unocoin, said that Bitcoin fell below $60,000 and hit a low of $59,544 amid a stronger US dollar and uncertainty over the Federal Reserve’s actions. “Positive data on the US labor market, including a strong increase in job openings, suggests reduced chances of an imminent Fed rate cut, which will strengthen the dollar. This economic backdrop weighs on Bitcoin, with investors favoring traditional assets in the near term. Looking ahead, Bitcoin’s trajectory depends on the Fed’s decisions and economic indicators,” he said. “Any signs of economic weakness or changes in Fed policy could quickly change Bitcoin’s outlook. Furthermore, the upcoming launch of Ethereum ETF on July 8 is likely to increase competition in the cryptocurrency market, which could negatively impact Bitcoin’s performance due to investors’ increased focus on Ethereum,” he added. BTC is still up 80% over the past year and bulls are active at lower levels, Patel said, as he expected them to push the price higher over the weekend. “The next support is at the $54,900 level and the resistance is at $56,700. Investors and traders should monitor the market closely,” Patel said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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