Cryptocurrency Market Sees Significant Declines in Major Assets
The cryptocurrency market is experiencing price declines, particularly among major assets:
- Bitcoin (BTC) down 6.5% from its recent high of $124,000
- Ethereum (ETH) decreased by 5.2%, currently at $4,300 support
- XRP dropped 3.8%
- Solana (SOL) declined by 6%
- Dogecoin (DOGE) lost 5.2%
Factors influencing the downturn include:
- Macroeconomic concerns affecting investor sentiment
- High interest rate expectations based on wholesale price data
- No plans for the US government to increase Bitcoin reserves, as confirmed by Treasury Secretary Scott Bessent
Analyst Antonio Di Giacomo noted that Bitcoin’s volatility reflects the balance between optimism and caution in the digital asset market. Upcoming statements from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium are crucial, with potential hawkish signals impacting risk assets.
Market expert Doctor Profit forecasts sideways movement for Bitcoin within an 8% range leading into September, but warns of a significant correction ahead, suggesting preparation for short positions.
On-chain data shows larger wallets continue accumulating cryptocurrencies, indicating long-term optimism despite current declines. Funding rates remain healthy, signaling no immediate selling pressure.
