Bitcoin dips below $79,000 and U.S. stock crypto sector slides across the board premarket
Affected by the continued decline in Bitcoin prices, on September 8 during the U.S. premarket trading session, stocks related to cryptocurrencies collectively came under pressure and fell. Data show that Bitcoin’s intraday drop exceeded 1%, dragging down related shares. Among them, Strategy fell 3.1%, Coinbase dropped 2.2%, and Bit Digital slid 1.2%.
Bitcoin slips through a key level
During trading on Tuesday, Bitcoin’s price fell below the crucial psychological level of $79,000. It was last quoted at about $78,800, failing to regain the level above $80,000 for two consecutive weeks. The rebound momentum briefly built up in August has largely been used up.
The immediate trigger for this round of sell-off is the market’s repricing of expectations for Federal Reserve monetary policy. Stronger-than-expected employment data released last Friday in the U.S. increased the odds of a rate hike this month to 60%. Expectations of reduced liquidity in traditional financial markets are filtering into the digital-asset space, creating a pronounced suppressing effect. In addition, persistently rising oil prices have also heightened inflation concerns, further reinforcing the market’s expectations of tighter policy.
Crypto concept stocks face broad pressure
As assets highly linked to Bitcoin, the share prices of publicly listed companies related to cryptocurrencies fell in premarket trading. Specifically:
Strategy posted the largest decline, down 3.1%
Coinbase fell 2.2%
Bit Digital fell 1.2%
Market analysis notes that if subsequent inflation data remains elevated, the probability of a Fed rate hike could rise to two-thirds; at that time, Bitcoin’s price will face a tough test of the $77,000 support level #美加关税战升级
Affected by the continued decline in Bitcoin prices, on September 8 during the U.S. premarket trading session, stocks related to cryptocurrencies collectively came under pressure and fell. Data show that Bitcoin’s intraday drop exceeded 1%, dragging down related shares. Among them, Strategy fell 3.1%, Coinbase dropped 2.2%, and Bit Digital slid 1.2%.
Bitcoin slips through a key level
During trading on Tuesday, Bitcoin’s price fell below the crucial psychological level of $79,000. It was last quoted at about $78,800, failing to regain the level above $80,000 for two consecutive weeks. The rebound momentum briefly built up in August has largely been used up.
The immediate trigger for this round of sell-off is the market’s repricing of expectations for Federal Reserve monetary policy. Stronger-than-expected employment data released last Friday in the U.S. increased the odds of a rate hike this month to 60%. Expectations of reduced liquidity in traditional financial markets are filtering into the digital-asset space, creating a pronounced suppressing effect. In addition, persistently rising oil prices have also heightened inflation concerns, further reinforcing the market’s expectations of tighter policy.
Crypto concept stocks face broad pressure
As assets highly linked to Bitcoin, the share prices of publicly listed companies related to cryptocurrencies fell in premarket trading. Specifically:
Strategy posted the largest decline, down 3.1%
Coinbase fell 2.2%
Bit Digital fell 1.2%
Market analysis notes that if subsequent inflation data remains elevated, the probability of a Fed rate hike could rise to two-thirds; at that time, Bitcoin’s price will face a tough test of the $77,000 support level #美加关税战升级