Published on augustus 3, 2024, 12:34 am
Image source: Fox News
```json [ "TLDR: Global stock market sell-off impacting cryptocurrency market, Bitcoin faces pressure after failing to sustain prices above $70,000. Analysts are optimistic about long-term potential, suggesting Bitcoin could reach $700,000 with 3% portfolio allocation. Uncertainty looms over cryptocurrencies as markets remain volatile; investors advised caution and thorough research amidst notable fluctuations." ] ```
The recent sell-off in global stock markets has had a bearish impact on the cryptocurrency market, indicating upcoming weakness. Bitcoin (BTC) has retraced towards the middle of its $55,724 to $73,777 range following an inability to sustain prices above $70,000. August historically shows a modest 2.24% average rise since 2013, according to Coinglass data.
Uncertainty looms over risk assets globally due to the current weakness in equity markets. The Japanese Nikkei fell by 6% on August 1st, the steepest decline since the 1987 “Black Monday” crash. If the equity market downturn extends to cryptocurrencies, Bitcoin’s crucial $60,000 support level could face significant pressure.
Despite short-term weaknesses, analysts maintain optimism about Bitcoin’s long-term potential. Analyst Willy Woo suggests that a 3% portfolio allocation by financial institutions could propel Bitcoin up to $700,000.
As we await whether buyers can defend the $60,000 level for Bitcoin or if the support will give way and affect select altcoins negatively, it is crucial to keep an eye on how key cryptocurrencies are performing in these uncertain times.
Ether (ETH) saw bears pushing below $3,080 with eyes set on critical support at $2,850 after attempts by bulls failed. Binance Coin (BNB), Solana (SOL), XRP, Dogecoin (DOGE), Toncoin (TON), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB) have all experienced distinct price actions as market sentiment remains volatile.
Investors are advised caution as this article does not provide investment advice; readers are encouraged to conduct thorough research before making any financial decisions in the turbulent cryptocurrency market currently undergoing notable fluctuations and uncertainties.
Original article posted by Fox News
