The post Crypto Price Analysis 8-16 BTC, ETH, SOL, DOT, TON, SEI, WIF appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) briefly fell below $58,000 once again as the crypto markets shed almost $80 billion, with major altcoins also seeing red. BTC’s drop took the asset’s price to its weakest level since the market panic witnessed in the first week of August, with ETH also dropping 4.5%. BTC fell to an intra-day low of $56,165 on Thursday.  However, this time, traditional stocks are in the green, with Nasdaq and S&P 500 erasing their early August losses.  A New Downturn? The past 24 hours saw a drop of nearly 3% in the crypto market cap as it dropped to $2.08 trillion. Despite the traditional markets showing a recovery, the crypto markets failed to mirror the optimism, failing to find demand among investors. As a result, major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and others, registered notable declines. Market watchers are concerned the downturn could see another round of outflows from crypto ahead of the weekend.  BTC dropped to an intra-day low of $56,165 before posting a recovery, while ETH also witnessed a similar drop. The crypto markets have already seen two significant declines over the summer, the first of which happened at the beginning of July. The catalyst for this selloff was the German government moving the first cache of 50,000 BTC, seized during a criminal probe. The second major selloff occurred at the beginning of August and culminated with the markets tanking on August 5. This selloff was due to a simple rate hike by the Bank of Japan. However, the rate hike triggered pandemonium in global markets, which also spread to the crypto market.  The current drop does not have any obvious catalysts. In fact, equity markets are in the green, with the Nasdaq and S&P 500 both making notable gains. They are at…

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Filed under: News - @ August 16, 2024 2:25 pm