Bitcoin (BTC-USD) is set to fall 9% on a weekly basis, as it slipped further away from the $60K mark.
The world’s oldest digital currency witnessed a risk-off mood on Tuesday, as it slipped to $57K.
“September is widely known as the worst month for U.S. equities, and risk assets followed the script with large sell-offs across the board,” Augustine Fan, Head of Insights, SOFA.org said.
“Markets are currently in the middle of an important regime change, which is historically the most volatile juncture for macro assets. We are starting the post-holiday week on a soft note,” Fan added.
BTC continued to largely slide throughout the week, and stuck to a narrow trading range of ~$58K-$53K from Tuesday to Friday. The cryptocurrency had seen a brief rally on Wednesday, as it climbed over the $58K mark, but was unable to sustain it.
The cryptocurrency, however, came under pressure on Friday as the nonfarm payrolls growth shifted up in August, but fell short of expectations.
The jobs report reinforced growth worries and sparked a debate over the expected size of the Federal Reserve’s anticipated interest rate cut later this month.
Bitcoin’s (BTC) downward move on Friday was similar to Wall Street’s as at 3:10 pm ET, with the three major indices trading in the red.
BTC’s price is largely falling in sympathy with broader financial markets, said Cory Klippsten, CEO of Swan, a Bitcoin financial services firm.
“Bitcoin’s price faces downward pressure amid global recession fears and ETF outflows,” SA analyst Dean Popplewell said.
Short-term Bitcoin holders are feeling the pain, while long-term investors remain profitable. A deeper pullback is possible, with Bitcoin currently 22% below its all-time high, Popplewell added.
“Crypto prices saw the risk-off move lower with BTC falling back to its recent range on the Nasdaq selloff, though sentiment appears to be getting increasingly wary by the day without an obvious catalyst to take prices higher,” Fan told Seeking Alpha on Wednesday.
Notable News
Bit Digital (BTBT) produced 53.4 bitcoin (BTC-USD) in August, down, 12% from July, while Riot Platforms (RIOT) produced 322 bitcoins in the month, down 13% from 370 produced in July and -3% year-on-year.
Core Scientific (CORZ) earned 358 bitcoins in August from its owned fleet of miners, while HIVE Digital Technologies (HIVE) mined 112 Bitcoins, down from July’s 116 Bitcoins.
A crypto trading subsidiary of Robinhood Markets (HOOD) reached a $3.9M settlement with the state of California. The allegations pertained to the platform Robinhood Crypto —failing to allow customers to withdraw their cryptocurrency from 2018 to 2022.
“We’re seeing elevated policy spend” as the U.S. heads to the presidential election, Coinbase (COIN) CFO Alesia Haas during Citi’s Global TMT Conference.
Bitcoin miner Marathon Digital (MARA) said it produced 673 bitcoins in August, 3% down from 692 in July.
Riot Platforms (RIOT) reduced the number of its nominees for Bitfarms’ (BITF) board to two from three in a letter that still seeks corporate governance changes at the bitcoin miner.
Bitcoin, Ether prices
Bitcoin (BTC-USD) fell 5% to $53.6K at 3:11 pm on Friday. Ether (ETH-USD) down 6% at $2.2K.
