Why is Bitcoin stuck Below $60000? On Friday, Bitcoin, the world’s largest cryptocurrency, briefly dipped below $59,000, driven by global market uncertainties, reduced demand, and outflows from exchange-traded funds (ETFs). As Bitcoin battles to stay afloat, CryptoQuant data suggests that the cryptocurrency is hovering “near a bottom,” with ongoing downward pressure. Over the past week, Bitcoin has plunged by 6%, marking a 9% drop from earlier this month. Currently trading around $59,000, Bitcoin is finding it increasingly difficult to break past the $60,000 barrier.
Altcoins are not immune to the market’s struggles. Toncoin, linked to Telegram, and Notcoin both suffered significant losses on Friday, with each dropping over 20% this week. Telegram CEO Pavel Durov’s arrest in France led to a massive $3 billion wipeout for TON this past Sunday, representing a 25% decline. Multiple outages in the TON blockchain network also contributed to its poor performance.
Ether is currently hovering around $2,500, a stark contrast from its early August price of approximately $3,146, marking a 20.53% decline. Solana also faced a steep drop, with its price slipping to $136, down 19.52% from $169 at the beginning of August. Even the popular meme coin Dogecoin has not been spared, registering losses of nearly 18%.
The subdued crypto market on Friday triggered a wave of liquidations as traders scrambled to exit positions with plummeting values. However, some experts remain cautiously optimistic. Crypto investment firm QCP Capital believes that any dip in equities and crypto will be short-lived, predicting that the Federal Reserve’s anticipated rate-cutting cycle could eventually boost liquidity and drive risk assets higher.
