bitcoin

Bitcoin Falls Amidst Stock Market Selloff and Weak Economic Data

The Big Whale

— 1 min read
  • Bitcoin fell 4.5% to trade below $57,000 due to a selloff in U.S. stocks and weak Asian markets.
  • The fall was attributed to weak August ISM data and a knee-jerk reaction to the weak Asian stock market.
  • Analysts predict a potential 15-20% decline in Bitcoin following a Federal Reserve interest rate cut.
  • September historically sees a decline in Bitcoin prices, but the period from October to April is typically strong.
  • Binance plans to launch a Solana staking product called BNSOL by the end of September.
  • Terraform Labs co-founder Do Kwon's wallet moved $62 million worth of Bitcoin to a different address.

Summary :
Bitcoin fell 4.5% over the past 24 hours to trade below $57,000 amid a selloff across U.S. stocks and the weak Asian stock market. The fall was mainly due to weak August ISM data and the weak Asian stock market. However, analysts believe that the 4% fall is still moderate for Bitcoin considering the magnitude of the fall in traditional financial markets. Additionally, analysts predict that the upcoming U.S. Federal Reserve interest rate cut could push Bitcoin down further, with a potential decline of 15-20% if rates are cut this month. However, they also note that rate cuts are typically seen as bullish catalysts for risk assets in the long term.

Sources :

- TheBlock
- CoinTelegraph
- Decrypt
- Decrypt
- CoinTelegraph
- Coindesk
- Coindesk
- TheBlock

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