Bitcoin’s Price Plunge: A Dive Below $97,000 Sends Crypto Market Reeling
The cryptocurrency market is experiencing a significant downturn, with Bitcoin’s price tumbling below $97,000, a level not seen since May. (Fortune, CoinDesk) This drop has erased much of the gains from the recent market surge, with Bitcoin down approximately 22% from its all-time high of over $126,000 just a month ago. (Fortune, CoinDesk)
This decline has also impacted other major cryptocurrencies, with Ethereum and Solana experiencing significant drops as well. (Fortune) Market analysts suggest that factors such as a more hawkish stance from the Federal Reserve, concerns about potential interest rate cuts, and a shift in investor focus towards equities are contributing to the downturn. (Fortune, Bitcoinmagazine.com) Some experts believe that the market is in a correction phase, while others suggest this could signal a new phase for the market. (Bitcoinmagazine.com, fool.com.au)
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