The prices of leading cryptocurrencies such as Bitcoin and Ethereum continue to decline. This article examines the possible causes of the current drop and its impact on the market.
Why is BTC Falling?
The BTC drop that started after it rose to $65,000 yesterday morning continues today. Despite the absence of any notable negative news in the market, the falling prices raise significant questions. As of the time of writing, Bitcoin’s price was trading at $61,889, which means a 2.5% drop. The deepening of the drop after the start of trading on Wall Street suggests that investors in the US might be selling. On the other hand, despite the price drop, the trading volume increased by 30% and exceeded $30.5 billion. This volume increase can be interpreted in two ways. Firstly, it could mean that investors are selling to avoid potential losses or minimize them. Secondly, it could mean that investors who find the current prices low are making significant purchases in preparation for the expected bull season after potential interest rate cuts in September.
Current Ethereum Price in TL
The price drop continues for Ethereum, the most traded altcoin in the market. After a 4% drop, Ethereum lost the $2,600 level and fell to $2,579. Ethereum’s market cap dropped to $313 billion, while its trading volume remained at $13.988 billion after a 33% increase, indicating similar scenarios to Bitcoin. Looking at the ETH/TRY pair, the price is reflected as 88,542 TL on the charts.
Conclusion
Bitcoin and Ethereum prices continue to fall for various reasons, including investor actions and anticipation of interest rate changes. Stay tuned to developments that could significantly impact the cryptocurrency market in the near future.
Bitcoin and Ethereum prices continue to fall for various reasons, including investor actions and anticipation of interest rate changes. Stay tuned to developments that could significantly impact the cryptocurrency market in the near future.
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