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Reading: Bitcoin Falls Below $62K, Altcoins Suffer as Crypto Market Adopts Risk-Off Sentiment
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Biz Mag Today > Blog > BLOCKCHAIN > Bitcoin Falls Below $62K, Altcoins Suffer as Crypto Market Adopts Risk-Off Sentiment
BLOCKCHAIN

Bitcoin Falls Below $62K, Altcoins Suffer as Crypto Market Adopts Risk-Off Sentiment

Jacob Branson
Last updated: 2024/08/04 at 3:07 PM
By Jacob Branson 3 Min Read
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Bitcoin’s (BTC) attempt at a modest rally during U.S. trading hours on Friday was abruptly halted, as the price plummeted by 4% in just ninety minutes. This drop came in tandem with a significant decline in equity markets.

Contents
Weak Economic Data and Market Reaction:Global Economic Pressures:Genesis Trading’s Impact on Market Sentiment:

Weak Economic Data and Market Reaction:

The cryptocurrency market’s decline was compounded by a weaker-than-expected U.S. jobs report released earlier on Friday. The report sent bond yields and the dollar tumbling, which typically benefits risk assets like stocks and Bitcoin. However, the current market conditions defied this trend. The Nasdaq fell by 3.1%, while the S&P 500 dropped by 2.7%. Notably, Amazon (AMZN) saw an 11% decline post-earnings, and Nvidia (NVDA) experienced a 5% drop. The Volatility Index (VIX) surged by an astonishing 54% today, reflecting the market’s heightened anxiety.

Despite Bitcoin briefly surpassing $65,000, it has struggled to maintain its gains and has since retreated to $62,900, marking a nearly 2% decline over the past 24 hours. This downturn reflects the broader risk-off sentiment that is currently gripping the markets.

Global Economic Pressures:

The bearish sentiment extended beyond the U.S. markets, impacting the Japanese stock market significantly. The Nikkei dropped 5.8% on Friday, adding to a 4%+ decline the previous day. This downturn is attributed to the Bank of Japan’s recent monetary policy change. On Wednesday, the central bank increased its benchmark lending rate to 0.25% from the prior range of 0%-0.1%, a decision that has exacerbated market volatility.

Genesis Trading’s Impact on Market Sentiment:

Adding to the bearish pressure on the crypto market was the movement of 16,600 Bitcoin (approximately $1.1 billion) and 166,300 Ether (about $521 million) from wallets associated with the bankrupt Genesis Trading. According to Arkham Intelligence, this movement is likely related to in-kind repayments to creditors. At least one creditor publicly confirmed receiving a modest distribution from the Genesis estate on X.

This latest development follows a series of other negative market influences, including the German government’s sale of 50,000 Bitcoin earlier in July, ongoing distributions from the bankrupt Mt. Gox exchange, and anticipated sales from the U.S. government’s BTC reserves. The Genesis Trading situation adds to the growing list of supply shocks affecting the cryptocurrency market, exacerbating the current downtrend.

As the market navigates these turbulent conditions, investors and traders are closely monitoring developments that could further influence Bitcoin and broader cryptocurrency price movements in the near term.

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TAGGED: Altcoins, Bitcoin, Crypto Market, cryptocurrency, Market Reaction, U.S. trading
Jacob Branson August 4, 2024 August 4, 2024
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