“Collateral damage. Bitcoin price continues to suffer from geopolitical tensions between the United States and China, falling below $108,000. As traders assess lingering macroeconomic risks, analysts predict further volatility. Over the last 24 hours, BTC recorded a 2.6% drop to $107,854. Key points of this article: Bitcoin Price Drops Below $108,000, Directly […]”, — write: businessua.com.ua
Collateral damage. Bitcoin price continues to suffer from geopolitical tensions between the United States and China falling below $108,000. As traders assess lingering macroeconomic risks, analysts predict further volatility. Over the past 24 hours, BTC recorded a 2.6% drop to $107,854.
Key points of this article:
- The price of Bitcoin has fallen below $108,000, a direct result of geopolitical tensions between the United States and China.
- The main altcoins are as follows like Ether, Binance Coin and Solana have also seen significant declines, reflecting the broader pressure on the crypto market.
Crypto market volatility: a consequence of geopolitical tensions? According to Geoff May, chief operating officer of BTSE, quoted by industry press, macroeconomic problems including trade tensions between the United States and China, are the main drivers of the current volatility in the cryptocurrency market. He points out that the recent fall in Bitcoin is due by reducing the level of risk by traders ahead of a planned meeting between the Chinese leader Xi Jinping and the President of the United States Donald Trump the result of which will be decisive:
“Volatility will continue as long as trade tensions between the United States and China persist.”
Geoff May, BTSE COO – Source: The Block
Bitcoin Price Suffers From Sino-US Tensions – Source: JDC Coinmarketcap
Bitcoin, Altcoins and ETFs: A Market Under Pressure Macroeconomic difficulties are not only affecting Bitcoin. Major altcoins such as ether (ETH), Binance Coin (BNB) and Solana (SOL), also experienced significant declines. ETH fell 4.77% to $3855, while BNB and SOL lost 5.36% and 4.26% respectively.
In addition, cryptocurrency exchange-traded funds (ETFs) have seen significant net outflows. With Bitcoin Spot ETF there was a net outflow in size 40.5 million dollars whereas with ETH ETFs there was an outflow in in the amount of 145.7 million dollars . These numbers come after a week in which BTC ETFs saw their second-highest weekly net outflow of $1.23 billion.
As investors hope for interest rate cuts by the US Federal Reserve, geopolitical tensions continue to weigh on the cryptocurrency market. Bitcoin, along with the major altcoins, remains under pressure, reflecting that the general uncertainty that currently dominates the financial markets.
Source: journalducoin.com
Please wait…