Bitcoin fell below $58,000 on Thursday afternoon as the cryptocurrency market sank suddenly during U.S. trading hours. Bitcoin dropped nearly 3% to $57,700, while other major cryptocurrencies like Ether and Solana experienced even bigger losses. The broader market, tracked by the CoinDesk 20 Index, fell 3% in the last 24 hours.
This summer has seen two other major crypto selloffs, triggered by a German government’s bitcoin sale and a global market dip after a Bank of Japan rate hike. However, Thursday’s drop lacks a clear cause, especially as U.S. stock markets are surging.
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Despite positive news, like a stock market rally and increased institutional adoption of Bitcoin, crypto prices aren’t responding as expected. The U.S. Federal Reserve is expected to start easing interest rates soon, which typically boosts crypto. Companies like Marathon Digital and Semler Scientific are investing heavily in bitcoin, but prices remain under pressure.
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