Cryptocurrency Rollercoaster: Bitcoin Falls Below $25K as Tesla Boosts Traditional Markets
On Monday, Bitcoin (BTC) slipped below the $25,000 mark for the first time in 88 days, bringing the global cryptocurrency market cap dangerously close to dipping below $1 trillion.
At 2:00 p.m. Eastern Time, BTC was hovering just above $25,000. This decline in Bitcoin’s value is significant, given its consolidation over the past three months, albeit with reduced trading volumes. The last time Bitcoin was under $25,000 was on June 15, 2023. Notably, this recent downturn has been exacerbated by the U.S. Securities and Exchange Commission’s delay in deciding on seven proposed bitcoin exchange-traded fund (ETF) applications, which broke 11 days ago, causing strain across the crypto ecosystem.
Over the past 30 days, BTC has depreciated by 14.6% against the U.S. dollar, and Ethereum (ETH) has declined by 15.7%. Data from Bitfinex’s Alpha Report also indicates an exodus of approximately $55 billion from the crypto sector in August. Etoro’s market analyst, Simon Peters, noted that despite the arrival of September, the crypto market remains directionless, with BTC down just 0.43% week-on-week.
In contrast, traditional equity markets are thriving. With all four benchmark indices experiencing gains. Much of this stock market surge is attributed to Tesla’s upward momentum following an upgrade by Morgan Stanley.
Clever Robot News Desk 12th September 2023
