Bitcoin, the market leader by capitalization, recorded a decrease of 2.4%, pulling back from recent momentum. The cryptocurrency briefly touched $66,000 before settling at approximately $64,200 overnight. Despite this recent dip, Bitcoin’s performance in September remains strong, boasting an 8.90% increase, a sharp contrast to its historical average loss of 3.47%. This positive trend followed a 0.5% rate cut from the Federal Reserve earlier this month.
Ethereum, currently trading around $2,600, has also faced volatility, particularly as large transactions totaling $45 million in ETH raised alarms among investors. At present, Ethereum is priced at $2,620, down 1.88% over the last 24 hours.
Dogecoin, meanwhile, has suffered a significant drop of 6.37%, bringing its value down to $0.1211. The cryptocurrency is grappling with bearish sentiment and a rise in short positions, although it continues to attract attention thanks to its devoted user base.
In total, cryptocurrency liquidations have exceeded $152.86 million in the past 24 hours, with long positions accounting for roughly 70% of these liquidations.
The overall cryptocurrency market capitalization now stands at $2.29 trillion, down 0.77% within the same timeframe. Investors are particularly attentive to Powell’s speech at the National Association for Business Economics later today, as indications of potential rate cuts could significantly influence market trends, alongside the forthcoming U.S. non-farm payrolls report scheduled for release on Friday.
The current declines in Bitcoin, Ethereum, and Dogecoin underscore a cautious mood among investors as they anticipate key economic indicators that could shape the future of cryptocurrency valuations.
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