Key points:
- Bitcoin dives below $60,000.
- OG coin set for August loss.
- Ether down 36% in 3 months.
Upside from Jay Powell’s rate-cut message got exhausted as prices in crypto market retreated. Bitcoin is down 9% for August.
- Bitcoin prices
BTCUSD dipped under $60,000 late Tuesday, from a session high of 63,000, and remained under that level in early Wednesday deals. There wasn’t a specific reason for the drop other than a possible retreat due to profit-taking after the recent upbeat comments from Federal Reserve boss Jay Powell. Last week, the Fed chief said at the Jackson Hole forum interest rate cuts are coming in September. And Bitcoin is getting increasingly influenced by interest rate movements. - With this fresh drop, Bitcoin went deeper into a monthly loss. The leading digital asset kicked off August trading at $65,000 a piece. Presently, traders are happy to pay roughly $59,000 for a single coin, marking a decline of 9% on the month with just three trading days to go. Ever since it hit a record of more than $73,000 in March, Bitcoin has been zig-zagging month-on-month alternating between wins and losses.
- Ethereum ETHUSD, the second-largest coin, is doing even worse. Its price shed more than 10% on Tuesday, slipping under $2,500 from an opening level of almost $2,700. Ether has been hit harder than Bitcoin in the longer run — it’s on track to log the third straight losing month with a total loss of 36%. That is, despite the launch of nine spot Ether exchange-traded funds, which are yet to flip into net gain.
