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Crypto Crash: $320 Wiped Out As Bitcoin, Ethereum Nosedive
After touching recent highs of $64,653 for Bitcoin and $2,815 for Ethereum, in a sudden move backward, the cryptocurrency market had sharply backpedaled on Thursday, with Bitcoin shedding more than 6% and Ethereum dropping more than 7%.
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This sudden fall has left many analysts and investors wondering about the future course of some of the top digital assets, hence underlining how volatile the market is wrought by macroeconomic events and changing mood among investors.
Meanwhile, based on figures provided by Santiment, long positions have been transpiring at the fastest rate since Bitcoin’s peak in March, which is indicative of a spike in market optimism-or perhaps greed-around August 25th.
Economic Factors At Play
Likewise, speculations of US monetary policy are one of the key drivers for this recent change in price. Federal Reserve Chairman Jerome Powell hinted at a probable interest rate cut this year in the last meeting, adding more fuel to speculation of more liquidity in the market.
Since there is a traditional weakening of the US dollar when interest rates are low, it makes cryptocurrencies more attractive to investors.
According to Ryan Lee, the chief analyst at Bitget Research, Bitcoin may range between $54,000 and $72,000, while Ethereum may range between $2,250 and $3,350 in September. But again, these are not without their own set of disclaimers since the market is always open to surprises which might change this trend.
Despite the declines, however, trading volume has jumped. Whereas an upsurge in trading volume could indicate panic selling by investors attempting to cut their losses, it might also be interpreted as quite the opposite – that investors feel bullish and are buying into what they perceive to be undervalued prices in anticipation of a market recovery.
For example, the trading volume of Bitcoin exceeded $30.5 billion, a 30% rise. It also usually means that some traders are closing their positions while others are benefiting from the great discounted rates. The reaction of the market to this development will finally determine the direction both Bitcoin and Ethereum travel.
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Ethereum’s Network Activity Falls
Ethereum issues go beyond price volatility. In the past month, daily trading volumes have dropped 55%. This drop in network activity raises concerns about the Ethereum eco’s health.
Ethereum trading volume dropped from 134.71 billion dollars in July to 91.46 billion in August. The platform’s monthly transactions have decreased to their lowest level since May 2020, indicating a lack of interest.
Analysts say this may be cyclical. At present, the environment is not suitable to attracting network workers.
Featured image from Flickr, chart from TradingView