Wednesday, the encryption market continues to sell. At one point, the Bitcoin drive fell to about $5.92 million, reaching a low of nearly 21 months, and then returned to the vicinity of $607 million. The downside of the market has spread to both the mainstream currency and the United States encryption concept unit, and signs of overall exposure to risk assets have increased.
Mainstream tokens generally fall
CoinGecko data show that bitcoin fell by about 2.7 per cent 24 hours. It fell to $1610, a decline of about 3.1 per cent; XRP fell by 3.1 per cent to $1.07; Solana fell by 2.6 per cent to $67; and dog currency fell by 4.6 per cent to 0.075.
Where XRP is again approaching the $1 level. Dog coins have touched lows since the end of 2023, indicating that the pressure on highly volatile assets is more pronounced.
Risks are getting better and weak and weak.
According to Juan Leon, a senior investment strategist in Bitwise, risk avoidance transactions between AI and semiconductor stocks are slowing down the already weak digital asset market. In his view, the current trend, while under pressure in the market, was more like a synchronized retreat from a drop in risk preferences.
At the same time, the market is waiting for the preferred inflation indicator of the Federal Reserve, the Personal Consumption Expenditure Price Index (PCE). Economists expect that the indicator will show a 4.1 per cent increase in consumer prices in the United States over the same period and accelerate for the third consecutive month. The persistence of inflationary adhesion may reinforce market expectations for a tighter monetary environment.
Prior to this, the hawk of Federal Reserve Chairman Kevin Walsh had led investors to reassess the interest rate path. According to CME Watch, the market expects the Fed to increase interest at its September meeting. Higher interest rates usually suppress the valuation of highly volatile assets, which continues to put pressure on the encrypted market.
The encryption concept fell deeper.
On the American stock, the NASDAQ index fell by about 0.4 per cent the same day, and the technology unit was weakened by U.S. light technology. However, the larger decline in encrypted-related equities indicates that the market ' s exposure to the plate is further shrinking.
Of these, Strategy, which held large amounts of bitcoin, fell by 9 per cent to $94.43, touching at one point $92.28, 27 months low. Coinbase dropped by 5 per cent to $150.11, Robinhood fell by 5.8 per cent to $972.21.
The analysts also mentioned that some of the funds were being temporarily released as the level of business activity declined during the summer. In the event that the USU continues to operate in a follow-up, it is possible that the encrypted assets will still be subject to pressure in the short term.