Overview
Most cryptocurrencies have fallen back to levels seen during a flash crash on Sunday afternoon in the U.S.
Key Points:
- A brief recovery in crypto prices did not last.
- Bitcoin’s price has reverted to where it was during former President Trump’s inauguration, down over 11% since reaching a recent peak.
- Altcoins suffered even greater losses with Ether down 8% recently.
Market Movements:
Bitcoin faced a major setback, failing to sustain a rise above $113,000 during the U.S. trading hours and slipping to a seven-week low. It has been recently trading at around $109,700, evidencing a 2.7% decrease over the last 24 hours, alongside a 7% drop since it peaked above $117,000 after remarks from Fed Chair Jay Powell.
As the end of August approaches, past data suggests a historically weaker performance for Bitcoin and Ethereum in September, with average losses recorded.
Current Trading Snapshot:
- Bitcoin (BTC): $110,204.95
- Ether (ETH): $4,400
- Dogecoin (DOGE): $0.2220 (5.10% drop)
- Cardano (ADA): $0.9110 (5.95% drop)
- Chainlink (LINK): $24.88 (0.60% drop)
