Bitcoin, Ethereum, and Dogecoin prices drop due to unexpectedly high inflation, lowering expectations of a rate cut.
On Thursday, there was a simultaneous decline in leading cryptocurrencies and stocks following a rise in consumer prices, which dimmed expectations of interest rate cuts. Bitcoin saw a drop to an intraday low of $114,369.87, resulting in a broader market slump, while Ethereum slipped below $3,700. This downward trend hit bullish long traders hard, with over $570 million in long positions wiped out within 24 hours.
Despite this recent dip, Bitcoin and Ethereum had a profitable July. Bitcoin experienced an increase of nearly 8% in the month, with Ethereum skyrocketing over 48%. In the last 24 hours, open interest for Bitcoin decreased by 0.86%, and unsettled contract funds in Ethereum saw a drop of 1.83%.
The overall market sentiment towards cryptocurrencies has shifted, as evidenced by the weakening of the “greed” sentiment. This change may be attributed to various factors, including market volatility, economic indicators, and global events that impact investor perception and behavior.
In discussing tariff developments with the upcoming August 1 deadline for reciprocal tariffs, the U.S. White House has announced adjusted ‘reciprocal tariff’ strategies. This economic decision has raised concerns among investors and traders who are monitoring market movements closely to assess potential impacts on various industries and sectors.
In the realm of cryptocurrency, there are essential strategies that beginners should learn before investing. Understanding the basics of crypto, such as its virtual nature and cryptographic security features, is crucial for navigating this evolving market landscape. Unlike traditional currency, crypto operates on a decentralized digital platform, offering distinct advantages and challenges for investors.
For those looking to trade crypto on platforms like Futubull, activating a Cryptos account is the first step. By accessing comprehensive account settings and activating trading products, users can begin their trading journey in the cryptocurrency market.
In reviewing the history of crypto, notable events like Bitcoin’s significant value surge in 2024 H1 underscore the dynamic nature of this market. As the largest and most renowned cryptocurrency, Bitcoin’s fluctuations and growth patterns provide valuable insights for investors seeking to capitalize on emerging trends and opportunities in the digital asset space.
