{"id":35281,"date":"2024-08-01T19:13:29","date_gmt":"2024-08-01T19:13:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-falls-to-62k-as-crypto-mirrors-stocks-crash\/"},"modified":"2024-08-01T19:13:29","modified_gmt":"2024-08-01T19:13:29","slug":"bitcoin-falls-to-62k-as-crypto-mirrors-stocks-crash","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-falls-to-62k-as-crypto-mirrors-stocks-crash\/","title":{"rendered":"Bitcoin falls to $62k as crypto mirrors stocks crash"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/BTC-red-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitcoin price dropped to its lowest level since mid-July with a dip to near $62k on August 1.<\/li>\n<li>Stocks also plummeted as investors reacted to latest economic data and geopolitical tensions in the Middle East.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> crashed 10% to trade to near $62k on Thursday as August began on a painful footing for cryptocurrencies and stocks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On August 1, the global cryptocurrency market cap fell to $2.3 trillion amid an overall 5.7% dump. BTC fell to lows of $62,300 across major crypto exchanges. The declines also hit Ethereum, which traded to lows of $3k and Solana that retreated sharply to touch $160.<\/span><\/p>\n<p><span style=\"font-weight: 400\">XRP, Dogecoin and Pepe also experienced sharp declines.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Why did Bitcoin, crypto prices fall today?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Losses across the crypto market came as the stock market nosedived, with the Dow Jones Industrial Average shedding more than 600 points and the S&amp;P 500 falling 1.5%. <a href=\"https:\/\/www.cnbc.com\/2024\/07\/31\/stock-market-today-live-updates.html\" target=\"_blank\" rel=\"noopener\">According to CNBC<\/a>, the bloodbath across stocks follows fresh investor jitters around possible economic contraction on weak data released on Thursday.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Markets\u2019 reaction also follows Wednesday\u2019s Federal Reserve FOMC meeting, although analysts say the market has fully priced in a September cut. Geopolitical tensions in the Middle East was also on investors\u2019 minds.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&gt;BTC down 10%<br \/>&gt;Grayscale dumping $2B ETH<br \/>&gt;Middle East on the brink<\/p>\n<p>but Blackrock is STILL buying. <a href=\"https:\/\/t.co\/IlNBapzaCR\">pic.twitter.com\/IlNBapzaCR<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1819057511925682230?ref_src=twsrc%5Etfw\">August 1, 2024<\/a><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400\">What next for BTC, crypto?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Commenting on the overall outlook ahead of the sharp sell-off, analysts at Singapore-based firm QCP Capital noted:<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cCrypto experienced a broad sell-off overnight and into this morning. The market remains on edge as traders pay close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and US government.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to QCP, the long term picture remains bullish for Bitcoin. Key catalysts could be the upcoming US election and direction of the quest for a sovereign Bitcoin reserve for the US.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe establishment of a U.S. or sovereign \u201cput\u201d on BTC prices may have significant implications, potentially making accumulation on dips a strategic investment approach,\u201d QCP Capital added in the note posted on<\/span> <a href=\"https:\/\/t.me\/QCPbroadcast\/1285\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Telegram<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p>BTC traded around $63,007 at 2:40 pm ET on Thursday, up from intraday lows.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-falls-to-62k-as-crypto-mirrors-stocks-crash\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin price dropped to its lowest level since mid-July with a dip to near $62k on August 1. Stocks also plummeted as investors reacted to latest economic data and geopolitical tensions in the Middle East. Bitcoin price crashed 10% to trade [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":35282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35281"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=35281"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/35282"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=35281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=35281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=35281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}