As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I must admit that these market fluctuations don’t surprise me anymore. The rollercoaster ride of Bitcoin’s price is something I’ve grown accustomed to, much like a sailor learning to navigate stormy seas.
The cryptocurrency market has seen better days.
For several days, Bitcoin‘s value remained around $62,000, but it seems that the sellers have now gained dominance over the market.
Just a few moments ago, BTC dropped below $59,000, reaching a local low of $58,867.
As a result of this action, over $250 million worth of long, leveraged investments have been sold off or closed down. Mostly, these were long-term positions.
Earlier today, according to CryptoPotato’s report, Bitcoin’s price dropped following the release of higher-than-anticipated Consumer Price Index (CPI) figures. The CPI serves as an indicator of inflation in the U.S. A rise in this index suggests that the Federal Reserve might not lower interest rates again in November. This news is unfavorable for riskier assets like Bitcoin.
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2024-10-10 22:40