Bitcoin Dips Below $80,000 Amid Broader Crypto Market Weakness
Bitcoin slips near $79,600 as broader crypto market weakens; BTC dominance stays elevated
The Economic Times
Image: The Economic Times
Bitcoin's price slipped to around $79,600 as the broader cryptocurrency market declined by 1.6%. Concerns over U.S. inflation and macroeconomic uncertainty have led to a cautious trading environment, with Bitcoin dominance remaining high at nearly 60%.
- 01Bitcoin traded near $79,600, down 1.52% in the last 24 hours.
- 02The overall crypto market capitalization fell to approximately $2.65 trillion.
- 03U.S. Producer Price Index (PPI) inflation rose to its highest level since 2022, affecting market sentiment.
- 04Bitcoin dominance remains elevated at nearly 60%, indicating its strong market position.
- 05Traders are closely monitoring geopolitical developments, particularly talks between U.S. and Chinese leaders.
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On Thursday, Bitcoin's price fell to around $79,600, reflecting a 1.52% decrease over the past 24 hours, as the broader cryptocurrency market weakened by 1.6%, bringing its total capitalization to approximately $2.65 trillion. Major altcoins like Ethereum and BNB also saw declines, while some, including Dogecoin, experienced slight gains. The drop in Bitcoin's value is attributed to rising concerns over U.S. inflation, which reached its highest level since 2022, prompting fears of prolonged monetary tightening by the Federal Reserve. Analysts suggest that ongoing geopolitical discussions, particularly between U.S. President Donald Trump and Chinese President Xi Jinping, could influence Bitcoin's trajectory, with potential resistance at $83,000 and support at $78,500. Market sentiment remains cautious as traders adjust their positions amid macroeconomic uncertainties.
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The decline in Bitcoin's price may affect investors and traders who are holding or considering entering the cryptocurrency market, leading to potential changes in investment strategies.
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