Bittime - Bitcoin in the red due to FED pessimism and miners selling BTC is still happening. Bitcoin's red trend is still going on, and there are no signs of improvement yet.
The downturn experienced by Bitcoin is expected to only occur in the short term, before finally returning to its normal track.
Red Bitcoin Color Still Fluctuating
Bitcoin briefly fell below $65,000, hitting its lowest price in the past month, while the new zkSync token suffered the biggest loss among the top 100 coins by market value.
The total market value of all cryptocurrencies fell from $2.55 trillion to $2.48 trillion, according to CoinGecko.
Also Read: Tether Plunges into the World of Gold: Launches Alloy Stablecoin, Backed by Dollars and Gold!
Bitcoin, which is one of the major cryptocurrencies, fell to $64,548 in the last 24 hours, hitting its lowest level in the past month.
Last week, Bitcoin dropped to $65,240 after a massive $150 million sell-off. However, on Tuesday morning, the price of Bitcoin stabilized around $65,600.
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Comparison with Other Crypto Assets
XRP and Ondo were the exceptions by registering increases of 2.5% and 2.2% respectively, although the majority of coins saw a decline in value.
On the other hand, the newly launched zkSync (ZK) token saw the biggest drop among the top 100 coins.
Also Read: ZKsync Distributes 'ZK' Tokens Via Airdrop, Market Capitalization Reaches $800 Million!
In the last 24 hour period, zkSync fell by 26%.
The decline caused the total cryptocurrency market capitalization to fall from $2.55 trillion to $2.48 trillion, with Bitcoin hitting its lowest level in the past month before recovering slightly at around $65,600.
Also Read How to Buy Crypto:
Red Bitcoin Driving Trend
Last week, institutional investors sold institutional crypto products on a net basis as outflows from Bitcoin ETFs reached $621 million.
This trend continued yesterday, with outflows from US spot Bitcoin ETFs reaching $145.9 million, according to Farside Investors.
The main reason behind the lack of confidence from institutions appears to be a stricter stance from the Federal Reserve.
Earlier this year, dot plot projections showed three rate cuts, but the most recent FOMC meeting showed only one cut expected.
Minneapolis Federal Reserve President Neel Kashkari later said that the Fed might not lower interest rates until December, which made markets less optimistic.
Currently, investors expect the Fed to lower interest rates in September, according to the CME FedWatch Tool.
Forced selling of cryptocurrencies reached $500 million in the past day, of which the majority—$432 million—came from long positions that had to be liquidated.
Optimistic Attitude to Face Red Bitcoin
However, there is some optimism. The firm stated, "The current negative sentiment may be temporary as global central banks, such as the Central Bank of Canada and the European Central Bank, have begun lowering interest rates, indicating a global trend towards looser monetary policy."
The note also mentions that Bitcoin miners are still not done selling their Bitcoins to fund operations or upgrade their equipment.
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Despite a brief surge in profits when Runes launched at the recent Bitcoin halving event, interest in Runes has been declining recently.
Wintermute, in his note, also added that potential repayment to creditors of Mt. Gox also raises concerns.
The move could lead to the addition of 137,980 BTC to the market, worth about $9.04 billion currently, which would likely create sudden selling pressure.
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Read the Guide to Buying Bitcoin on Bittime.
Monitor the movement of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other crypto charts to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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