The post Bitcoin Hits 3-Week Low at $60,500 Amid U.S. Economic Uncertainty appeared on BitcoinEthereumNews.com.

Bitcoin’s value dropped significantly to $60,500 due to economic instability in the United States, marking the lowest point for the cryptocurrency in nearly three weeks. Other major cryptocurrencies also experienced substantial declines, with altcoins like Solana, Toncoin, and Uniswap plummeting by more than 5% in the last 24 hours. Ethereum fell below the crucial $3,000 mark. The alarming drop was influenced by a weak U.S. job market report, which indicated the highest unemployment rate since October 2021, stirring fear and prompting significant withdrawals from Bitcoin ETFs. Cryptocurrency markets hit hard by U.S. economic woes as Bitcoin plunges to a three-week low and major altcoins suffer significant losses. Bitcoin Plummets to $60,500 Amid U.S. Economic Concerns Bitcoin’s trajectory took a sharp downturn, hitting $60,500, a price not seen in almost three weeks. The initial surge to $70,000 earlier in the week, sparked by enthusiastic market response to Donald Trump’s appearance at the 2024 Bitcoin Conference, was fleeting. Market optimism waned quickly, leading to a substantial correction driven by bearish forces over the next few days. Market Reaction to US Economic Data The US economy played a crucial role in Bitcoin’s recent performance. A report released on Friday revealed the highest unemployment rate since October 2021, at 4.3%. This data cast a shadow of doubt over economic recovery prospects and instigated panic among investors. The resultant fear led to massive withdrawals from Bitcoin ETFs and a steep decline in Wall Street, further exacerbating Bitcoin’s fall. Altcoins Follow Bitcoin’s Descent The fallout was not limited to Bitcoin alone; altcoins experienced even sharper declines. Ethereum, the second-largest cryptocurrency by market cap, slipped below $3,000, shedding 5% of its value over a single day. Other significant altcoins like Solana, Toncoin, and Uniswap recorded losses exceeding 5%. These drops underscore the volatile nature of the crypto…

---

Filed under: News - @ August 3, 2024 12:10 pm