Bitcoin fell to its lowest level since early August amid significant losses in U.S. and Asian markets. In this article, we take a closer look at the causes and consequences of the current events.
Bitcoin and Other Cryptocurrencies Drop
Bitcoin briefly fell to $55,500, its lowest since August 8, reversing nearly all gains in the past month. Major tokens such as Solana's SOL and Ethereum also dropped by over 7%.
American and Asian Stock Declines
U.S. stocks, including Nasdaq 100 and S&P 500, lost over $1 trillion on Tuesday, triggering a historically bearish September. The decline also spread to Asian markets: Japan's Nikkei slid more than 4% after opening. The Institute for Supply Management's manufacturing index slumped for a fifth straight month, remaining below the 50 threshold.
ARB Foundation Transactions
Last week, a crypto address owned by the ARB Foundation, a non-profit organization supporting depression sufferers, transferred 60,000 ETH valued at $150.33 million to Binance in August. The current deposit has increased the total transferred amount to 90,000 ETH valued at $226.02 million, causing apprehension in the crypto community.
The current events in the cryptocurrency and stock markets highlight the importance of macroeconomic factors and investor sentiment. Time will tell how these factors will affect future developments.
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