Bitcoin and altcoins fall: what is putting pressure on the crypto market
Bitcoin fell to around $78,300 on September 8 after surpassing $82,000 last week. Ethereum is trading near $2,480, XRP around $1.39, and Solana is down roughly 2% on the day. The drop is affecting the entire market, but it still doesn’t seem like a capitulation: crypto market capitalization is retreating by about 0.4%. Oil near $100, high bond yields, and the return of expectations for rate hikes in the U.S. explain much of the move.
Bitcoin fell below $79,000 after a recent high above $82,000.
Markets now price in around a 58% probability that the Fed will raise rates in September.
Liquidations reach $165 million, of which nearly $115 million are in long positions.
Bitcoin falls below $79,000 and drags altcoins with it
The move began after another bitcoin failure below $80,000. BTC reached approximately $82,164 last week, its highest level in three months, before losing about 5% from that peak. There was already a sign of bitcoin’s difficulty holding the $82,000 level after its late-August rebound.
Altcoins are following the trend. Ethereum is down about 1% near $2,480, XRP retreats by roughly 1.5%, and Solana is approaching -2%. The moves remain contained for several of the large-cap coins, although some more volatile cryptocurrencies fall more.
So, there are two things to consider. The market is clearly down, but the day’s figures still don’t describe a crash comparable to the big liquidation days seen earlier this year.
$BTC
$ALT
$EE.US
#bitcoin
Bitcoin fell to around $78,300 on September 8 after surpassing $82,000 last week. Ethereum is trading near $2,480, XRP around $1.39, and Solana is down roughly 2% on the day. The drop is affecting the entire market, but it still doesn’t seem like a capitulation: crypto market capitalization is retreating by about 0.4%. Oil near $100, high bond yields, and the return of expectations for rate hikes in the U.S. explain much of the move.
Bitcoin fell below $79,000 after a recent high above $82,000.
Markets now price in around a 58% probability that the Fed will raise rates in September.
Liquidations reach $165 million, of which nearly $115 million are in long positions.
Bitcoin falls below $79,000 and drags altcoins with it
The move began after another bitcoin failure below $80,000. BTC reached approximately $82,164 last week, its highest level in three months, before losing about 5% from that peak. There was already a sign of bitcoin’s difficulty holding the $82,000 level after its late-August rebound.
Altcoins are following the trend. Ethereum is down about 1% near $2,480, XRP retreats by roughly 1.5%, and Solana is approaching -2%. The moves remain contained for several of the large-cap coins, although some more volatile cryptocurrencies fall more.
So, there are two things to consider. The market is clearly down, but the day’s figures still don’t describe a crash comparable to the big liquidation days seen earlier this year.
$BTC
$ALT
$EE.US
#bitcoin
