Bitcoin Plunges Over 6%, Crypto Market Collapses, Over 85,000 Investors Liquidated
Bitcoin Plunges Over 6%, Crypto Market Collapses, Over 85,000 Investors LiquidatedThe cryptocurrency market experienced a sharp pullback this morning, with Bitcoin falling below $60,000 and the second-largest cryptocurrency, Ethereum, also plummeting. Bitcoin fell over 6% at one point, trading at $59,597
Bitcoin Plunges Over 6%, Crypto Market Collapses, Over 85,000 Investors Liquidated
The cryptocurrency market experienced a sharp pullback this morning, with Bitcoin falling below $60,000 and the second-largest cryptocurrency, Ethereum, also plummeting. Bitcoin fell over 6% at one point, trading at $59,597.4 at press time. Ethereum plunged over 7% at its low point. Data shows that over 85,000 cryptocurrency investors were liquidated in the past 24 hours.
Major cryptocurrencies are giving back gains made after Federal Reserve Chair Jerome Powell's dovish remarks last week. Powell had announced that the time for interest rate cuts has arrived at the Jackson Hole Economic Symposium.
US stock market performance: The three major US stock indices closed slightly higher, with the Dow Jones up 0.02%, the S&P 500 up 0.16%, and the Nasdaq up 0.16%. Nike rose 1.24% and Honeywell International gained 1.11%, leading the Dow. Tesla fell 1.88%, and Amazon dropped 1.36%. Chinese ADRs were mixed, with Trip.com Group rising 8.57% and Gaotu Group falling 19%.
European stock market performance: The three major European stock indices performed divergently, with the German DAX index up 0.35% at 18,681.81 points, the French CAC40 index down 0.32% at 7,565.78 points, and the UK FTSE 100 index up 0.21% at 8,345.46 points.
News: The latest data from the US showed that the S&P/CS 20-City Composite Home Price Index rose 6.5% year-over-year in June, exceeding the forecast of 6.0% and down from the previous reading of 6.81%. It also rose 0.6% month-over-month, compared to the previous month's increase of 1.0%. The 10-City Composite Home Price Index increased 7.4% year-over-year, compared to the previous reading of 7.65%, and rose 0.6% month-over-month, compared to the previous month's increase of 0.98%.
The Richmond Fed Manufacturing Index for August came in at -19, compared to -17 in the previous month. The Conference Board's Consumer Confidence Index for August stood at 103.3, exceeding the forecast of 100.6 and revised up from the previous reading of 101.9.
Tag: Over Bitcoin Plunges Crypto Market Collapses Investors Liquidated
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