- Bitcoin and Ethereum Price Decline
- Factors Influencing Price Decline
- An Analytical Perspective by Peter Chung
A large-scale sell-off in the cryptocurrency market led to a significant drop in Bitcoin and altcoin prices. Bitcoin (BTC) is trading at $270, down 4.7% in the last 24 hours, while Ethereum (ETH) is trading at $2,368, down 5.8%.
Bitcoin and Ethereum Price Decline
In the last 24 hours, Bitcoin (BTC) fell by 4.7% to trade at $270, while Ethereum (ETH) declined by 5.8% to trade at $2,368. The primary reason for this decline was a large-scale sell-off in the cryptocurrency market.
Factors Influencing Price Decline
The price decline was caused by the US Department of Justice's investigation into Nvidia and the sell-off in US stocks. Analysts believe these factors were the main reasons for the latest decline in cryptocurrency prices.
An Analytical Perspective by Peter Chung
Peter Chung, Head of Research at Presto Research, explained that the decline, which also spread to Bitcoin and altcoins, was mainly due to weak August ISM data, leading to a sell-off in all TradFi risk assets. Speaking to The Block, Chung noted: 'The 4% drop occurred in two steps. The initial decline was driven by US data. However, the secondary decline occurred in the morning as Asian-based investors reacted to weak Asian stock markets. Japan's TOPIX and South Korea's KOSPI indexes fell significantly. Overall, a 4% decline for BTC is still moderate, given the magnitude of the decline in TradFi markets.'
The decline in Bitcoin and altcoin prices was influenced by various factors, including US data and Asian investor reactions. Despite the significant drop, analysts consider it moderate compared to the overall decline in traditional financial markets.
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