Bitcoin's price chart resembles the stock market in the 1930s, suggesting that the cryptocurrency could be heading towards a major drop, according to Bloomberg's senior commodity strategist, Mike McGlone.
The recent price pullback in Bitcoin and the cryptocurrency market is not surprising, as most risk assets typically suffer when the S&P 500 falls; however, volatility for both Bitcoin and the S&P 500 is declining, which suggests mainstream migration and a potential lack of price-pump potential for Bitcoin.
The cryptocurrency market has experienced a notable downturn, with the total market capitalization falling by 10% and triggering significant liquidations on futures contracts, attributed to factors such as rising interest rates, inflation, delays in approving a Bitcoin exchange-traded fund (ETF), financial difficulties within the Digital Currency Group (DCG), regulatory tightening, and a strengthening US dollar.
Key social metrics suggest that cryptocurrency markets may soon rebound, as the use of the term "bear market" has reached an 11-week high on social media platforms, which historically indicates that price rises are likely; additionally, deep-pocketed investors are accumulating Bitcoin again, contributing to a recent rally.
Bitcoin prices experienced a sudden drop last week, with analysts attributing it to large liquidations of perpetual futures and a report that SpaceX had sold the cryptocurrency, while industry insiders have mixed opinions on the impact of spot bitcoin ETFs and Coinbase's investment in Circle.
Cryptocurrencies experienced a significant drop ahead of Federal Reserve Chair Jerome Powell's Jackson Hole Symposium speech, while the global crypto market capitalization decreased by 0.83% in the last day.
Bitcoin and other cryptocurrencies are experiencing a decline, with Bitcoin falling below $26,000, as traders remain cautious following Federal Reserve Chairman Jerome Powell's speech.
Long-term holders of Bitcoin are continuing to accumulate the cryptocurrency despite recent market volatility, indicating a bullish outlook for the future, according to analysts from Bitfinex. However, newer long-term holders who acquired their positions during the bear market are showing more unease and have exited their positions during price drops.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Bitcoin's price dropped below $26,000 as the approval of a Bitcoin ETF was further delayed by the SEC, reversing the bullish gains from the Grayscale court decision earlier in the week. The crypto market also experienced a decline, with Ethereum's price going down by 3.5% and the overall market cap losing $11.2 billion. However, Maker and Toncoin managed to resist the bearish trend with positive gains. The global macroeconomic landscape also added to the uncertainty, as key economic data raised doubts about a potential interest rate hike.
Bitcoin's spot trading volumes for the current quarter have been significantly lower compared to previous quarters, potentially indicating a decline of around 14% month over month, while Ethereum's trading volumes are also at a level not seen since 2019, suggesting a similar trend for the cryptocurrency.
Bitcoin and other cryptocurrencies experience a decline as the Securities and Exchange Commission slows down the decision process for crypto exchange-traded funds.
Global search traffic for the term "cryptocurrency" has reached a five-year low, potentially influenced by factors beyond price volatility such as regulatory crackdown and increased knowledge of crypto among the general public.
Bitcoin, the pioneer digital currency, is showing signs of declining interest as trading volumes and search traffic decrease, indicating a period of uncertainty and potential downside movement in the market.
Major cryptocurrencies declined as investors awaited regulatory developments, including the SEC's ruling on a Bitcoin ETF, while Coinbase revealed plans for international expansion and focus on obtaining licenses in key financial jurisdictions.
Despite claims of a bear market for cryptocurrencies, indicators such as website traffic suggest that crypto adoption and demand for crypto services have actually been growing in 2023.
Bitcoin and other cryptocurrencies experienced a decline after the Federal Reserve decided not to raise interest rates, suggesting that significant gains may not be anticipated in the near future.
Bitcoin and other cryptocurrencies are experiencing a decline in prices due to a strengthening dollar and risk-aversion, but there is hope for a rebound.
Bitcoin may be heading for a further price decline according to a top trader who previously predicted the cryptocurrency's 2018 bear market bottom, citing a bearish lower-high setup and an ABC corrective move that could push Bitcoin down to $23,800.
Bitcoin, Ethereum, and Solana could experience significant price declines, with Bitcoin potentially dropping by over 20% and Ethereum and Solana also facing dips, according to crypto strategist Kaleo.
Bitcoin and other cryptocurrencies experienced a decline in value following the disappointing launch of a cryptocurrency exchange-traded fund (ETF) and the increase in bond yields.
Major cryptocurrencies experienced a decline due to a surge in the U.S. 10-year yield, while interest rates continued to rise driven by strong manufacturing data and the possibility of more rate hikes in the future.
Bitcoin could potentially face a 60% price drop, as liquidity remains negative and global rates continue to rise, according to Bloomberg Intelligence senior macro strategist Mike McGlone. He also suggests that a stock market drawdown related to a recession poses the biggest risk for the overall cryptocurrency sector.
The global cryptocurrency market remains significantly impacted by the collapse of FTX and other major players, resulting in lower prices, trading volumes, and venture capital investment compared to the peaks of 2021.
Despite some positive announcements, the prices of Bitcoin and Ethereum remained relatively stable, indicating that cryptocurrencies are less influenced by current news compared to the past; however, Avalanche and Solana experienced notable price rallies.
Bitcoin's bear market may be over and an upward expansion is likely, according to a popular crypto analyst who compares the current situation to that before the 2016 and 2020 bull markets.
Bitcoin and other cryptocurrencies experienced a slight decline along with the wider market, but analysts are optimistic that the recent uptrend will persist.
Bitcoin and other cryptocurrencies are experiencing a decline due to concerns about the impact of escalating violence in the Middle East, which stock investors are seemingly overlooking.
Bitcoin and other cryptocurrencies experienced a sixth day of decline, with a previous bullish trend fading, causing them to return to familiar trading ranges.
Bitcoin and the broader crypto market are down following the U.S. Consumer Price Index (CPI) report, which showed slowing inflation, with experts noting that investors are increasingly viewing Bitcoin as a safe-haven asset and CPI figures are becoming less relevant for the crypto market.
Summary: Cryptocurrencies remained relatively stable after a significant decline, suggesting that the worst of the downturn may be over.
The crypto market experienced a significant downturn this week, with Ethereum being hit particularly hard, trading at its lowest point since March. Other major coins and tokens, including Toncoin, Solana, Ripple, Polygon, and Bitcoin Cash, also suffered losses. Only Bitcoin saw a relatively smaller decline.
Bitcoin bears could face an uphill battle as the potential approval of a Bitcoin exchange-traded fund and the upcoming halving event could lead to a significant price increase in the cryptocurrency market.
Most altcoins are currently experiencing severe declines and may never reach their all-time highs again, according to crypto analyst Benjamin Cowen, who also warns that if Bitcoin were to decline, it would have a significant negative impact on altcoins as well.
