The post Bitcoin Price Crashes By 22% Amid Market Turmoil and Seized Assets appeared on BitcoinEthereumNews.com.

Key Points: Bitcoin experienced its biggest weekly loss since the FTX collapse, dropping more than 22% to $54,333. The decline was triggered by a global stock sell-off, economic fears, and geopolitical tensions. Bitcoin price crashed by 22% as global markets faced risk aversion, geopolitical tensions, and doubts about AI investment. The decline hit $54,333 amid economic concerns and potential changes in US monetary policy. Bitcoin Price Crashes By 22% Amid Market Turmoil and Seized Assets Bitcoin comes under immense pressure as global markets revel in risk aversion, notching its biggest weekly loss since the FTX exchange collapse in 2022. The cryptocurrency declined more than 10% before levelling off at $54,022 as of Monday. Bitcoin shed 22% over the last seven days, the most since the implosion of FTX. Ether and Dogecoin Plummeted Too. Bitcoin Price Crash Amid Global Market Turmoil The plunge was accompanied by a global stock sell-off, triggered by fears of a sputtering economy and doubts over the prospects of Artificial Intelligence-related investments. Geopolitical tensions fanned out in the Middle East, further unsettling the investors. On 2nd August, Bitcoin exchange-traded funds in the United States saw their biggest outflows since May. Further, the digital asset changed hands below its 200-day moving average, which, according to Tony Sycamore, a market analyst at IG Australia Pty, forebodes a deeper pullback to $54,000. Since hitting a record high of $73,798 in March, Bitcoin has experienced a number of negative pressures. Those may include shifting political winds in the US, with pro-crypto Republican Donald Trump battling for the presidency against Democratic Vice President Kamala Harris, who has not stated her stance on digital-asset policy. Read more: Fed Interest Rate Steady At 5.25%-5.50%, High Odds For September Reduction Potential Sales of Bitcoin Seized by Governments Source: CoinMarketCap According to Bloomberg, the market faces…

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Filed under: News - @ August 5, 2024 3:10 am