Bitcoin falls to 108,000 USD – Ethereum and XRP hit harder

The Bitcoin price has lost around five percent in the past 24 hours and is currently trading at around $108,000. After recent record highs, this indicates a significant cooling of the market. Investors are taking profits, while sentiment is noticeably darkening.
Altcoins are also under pressure: Ethereum (ETH) fell by around six percent to $4,200. XRP also slipped by about six percent and is currently trading at $2.82. The broad downward movement is reflected in the global market capitalization, which declined by about four percent.
Only the Pyth Network (PYTH) is bucking the market trend. With a gain of around 16 percent, the token is one of the clear winners of the day. Positive news surrounding the project and increased trading volume appear to be providing a boost.
The current downward trend in Bitcoin and other cryptocurrencies is due to several factors. Firstly, expectations for significant interest rate cuts by the US Federal Reserve have declined – a dampening signal for risky asset classes like cryptocurrencies. Secondly, large investors (“whales”) have sold massively, triggering a chain reaction of liquidations. Last but not least, this represents classic profit-taking after an overheated bull run.

Recommended Video Bitcoin Falls Below 110,000 – Is Everything Now Flowing into Ethereum?

No results