Bitcoin stabilizes after slump
Published: Wednesday, Aug 7th 2024, 11:00
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The price of Bitcoin has also recovered after a rapid decline as global stock markets stabilized. After prices below 50,000 dollars at times at the start of the week, the "cryptocurrency" is now trading well above the 55,000 dollar mark again.
On Wednesday morning, the price of the blockchain currency even stood at around 57,250 dollars, down a good 14% on the previous week. While Bitcoin was still trading at around 70,000 dollars at the end of July, it has slipped to around 49,500 dollars in recent days along with the stock markets, which have come under heavy selling pressure due to US recession and war concerns. The market capitalization currently stands at around 1223 billion dollars, a drop of 84 billion compared to the previous week.
The recent price slumps on the financial markets amid a deteriorating macroeconomic environment have not spared the crypto markets once again. According to a market commentary by Bitcoin Suisse, the market slump was a "complex interplay of macroeconomic weaknesses, geopolitical uncertainties and market (over)reactions". In the medium to long term, however, Bitcoin Suisse is once again more optimistic about the crypto market.
Compared to Bitcoin, the rest of the crypto market has seen even greater losses over the week. For example, the second-largest cryptocurrency, Ether, has lost around 24% of its value in the last seven days and is currently trading at USD 2520.
The market value of all the almost 15,000 cryptocurrencies listed on the CoinGecko data portal currently stands at around 2.1 trillion dollars, around 0.4 trillion below the previous week's value.
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