Bitcoin tumbles back under $58k as crypto quickly crumbles Thursday afternoon – CD

Bitcoin tumbles back under $58k as crypto quickly crumbles Thursday afternoon – CD

The cryptocurrency market experienced a sudden and steep decline during U.S. trading hours on Thursday afternoon, with bitcoin (BTC) leading the charge. The world's largest cryptocurrency by market capitalization dipped below the psychologically significant $58,000 level, marking its weakest point since shortly after the early August market panic [1].

At press time, bitcoin was trading at $57,700, down nearly 3% from its price an hour earlier [1]. Other major cryptocurrencies also saw significant losses, with ether (ETH) and solana (SOL) experiencing even steeper declines [1]. The broad market gauge CoinDesk 20 Index was down by 3% from 24 hours ago [1].

This latest sell-off comes amid a period of increased volatility in the cryptocurrency market. The summer of 2024 has already seen two previous panic-induced declines, with the first occurring as the U.S. was celebrating its July 4 holiday [1]. The catalyst for that selloff was a German government entity's announcement that it was beginning to sell the first of its holdings of bitcoin [1].

Despite the recent decline, many investors remain bullish on the long-term prospects of bitcoin and other cryptocurrencies. With continued advancements in technology and increasing institutional adoption, some analysts predict that the cryptocurrency market could reach new all-time highs in the coming months [2].

Sources:

[1] Alltopcash.com. (2024, August 15). Bitcoin Tumbles Back Under $58k as Crypto Quickly Crumbles Thursday Afternoon. Retrieved from https://alltopcash.com/cryptocurrency/2024/08/15/2008572/bitcoin-tumbles-back-under-58k-as-crypto-quickly-crumbles-thursday-afternoon/

[2] Coinbase.com. (2024, June 16). Bitcoin Price Prediction 2024: Will BTC Reach $100,000? Retrieved from https://www.coinbase.com/price-prediction/bitcoin/2024-06-16