Bitcoin Falls Below $78,000 Again!
The world’s largest cryptocurrency fell 1.4% to $77,670.6.
Bitcoin fell on Wednesday, extending its losses after strong gains in August. Renewed tensions between the United States and Iran, along with continued uncertainty over interest rates, reduced investors’ appetite for riskier assets. The world’s largest cryptocurrency declined 1.4% to $77,670.6. Although Bitcoin gained around 25% in August, its rally stalled at the beginning of September. Rising U.S. Treasury yields also put pressure on the cryptocurrency market. Strategy, the largest institutional holder of Bitcoin, resumed its purchases after a two-month pause. However, the move provided limited support for Bitcoin’s price.
Renewed military tensions between the U.S. and Iran pushed oil prices higher. Rising oil prices increased concerns over global inflation, while higher bond yields added further pressure on riskier assets.
Market participants are also closely watching the Federal Reserve’s interest-rate policy. U.S. nonfarm payroll data, due on Friday, is expected to provide an important signal for the Fed’s future rate decisions.
Altcoins also declined during the day. Ether fell 2.1%, XRP dropped 2.7%, Solana declined 3.3%, Carda