Bitcoin, the main cryptocurrency on the market, suffered a drop in price close to 10 % this Monday, August 5, setting off alarms and causing the index of crypto fear and greed to accelerate.

The price of bitcoin began the current week below $53,000, “in a context of increasing geopolitical tension and fear of an economic recession in the United States.”

On the other hand, the price of ether also plummeted by 18 %, going from $2,695 to $2,118 in the same period of time, although it experienced a slight recovery to settle at $2,358, according to TradingView.

With this rapid drop in cryptocurrency prices, the total market capitalization dropped to $500 billion in the last three days. Sector analysts attribute this scenario to “the weakness of employment data in the United States, the slowdown in growth of the main technology companies in the stock market and the massive sales of the crypto asset company Jump Crypto in recent days.”

Expectations, despite this adverse environment, are that cryptocurrencies could soon hit bottom to experience a rebound in the short term.

M.Pino

Source: hispanopost

(Reference image source: Unsplash+, in collaboration with Getty Images)

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