Bitcoin Prices Slip as Cryptocurrency Market Remains Sluggish
Bitcoin and Cryptocurrencies Slip as Market Remains Sluggish
- Bitcoin prices fell less than 1% over the past 24 hours to $25,700
- Bitcoin is trading near its lowest levels since mid-June
- Traders are looking for economic data to shake up the market
Bitcoin’s September Blues
Bitcoin has fallen for six consecutive Septembers, but this trend has yet to materialize this year. The price of Bitcoin has been stagnant around $25,800 for 10 days, indicating that a breakout is likely to be fierce when it happens.
Low Volatility and Trading Volumes
Crypto prices have been extremely passive, with Bitcoin experiencing its lowest volatility on record this summer. Trading volumes have also hit four-year lows in August, indicating a lack of investor interest in cryptocurrencies.
Looking Ahead to Macroeconomic News
Traders are keeping an eye on major macroeconomic news this week, including key inflation data due Wednesday. Bitcoin’s movement may be influenced by the stock market’s Dow Jones Industrial Average and S&P 500. The outlook for interest rates remains key for risk-sensitive assets like cryptocurrencies.
Aside from Bitcoin, other cryptocurrencies are also experiencing a decline. Ether, the second-largest crypto, lost 2% and is now below $1,600. Smaller cryptos like Cardano and Polygon are also slipping. Memecoins like Dogecoin and Shiba Inu are also dropping in value.
Written by Jack Denton