Key facts:
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Bitcoin fell to around $55,000, triggering liquidations of around $100 million.
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Oil prices hit their 2024 low, erasing all accumulated gains.
On a day of high volatility, multiple financial markets around the world experienced abrupt and significant falls this Wednesday, September 4. According to charts from TradingView and asset tracking sites, Virtually all sectors were in the red.
Bitcoin (BTC), the most important digital asset on the market, plummeted to $55,000, triggering liquidations of long positions worth $100 million, as reported CoinGlass. This move reflects a 5.5% drop in the total market capitalization of cryptocurrencieswhich now stands at USD 2.07 billion.
BTC had already experienced a correction This Wednesday due to capital outflows from bitcoin price exchange-traded funds (ETFs) for an amount close to 300 million dollarsas reported in CriptoNoticias earlier.
This movement reflects a trend of capital withdrawal from these financial instruments, which has had a direct impact on the price of BTCleading to a significant adjustment in the market.
At the time of writing, BTC is trading around $57,400.
BTC price dropped to $55,000 and then bounced back. Source: CoinMarketCap.
In addition, the Bitcoin miners have been actively selling, with some operations declaring itself recently went bankrupt, which has put additional pressure on the price of the digital asset.
In turn, BTC reserves on exchange platforms have remained low since the end of August, which indicates a lack of liquidity which could exacerbate sharp movements in the market.
Traditional market in red
In the traditional market, Japan’s Nikkei 225 index fell nearly 4% in the first half of the day, marking one of the steepest falls in the stock market sector. At the same time, Oil prices hit their annual low for 2024, Deleting all previous gains and approaching December 2023 levels.
The Nikkei 225’s fall was one of the sharpest in the stock market. Source: Investing.
The seven largest companies by market capitalization in the United States—Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla— They lost a combined total of around USD 550 billiona figure close to its April collapse. Nvidia, for its part, record a record loss in its market capitalization, exceeding USD 360 billion in a single day.
These declines occurred amid several triggers. The U.S. Department of Justice cited Nvidia and other companies, creating uncertainty in the technology sector. On the other hand, Turkey, a crucial node in oil transport, applied to join the BRICS+ bloc, which could reconfigure global energy routes.
Oil prices hit their annual low for 2024. Source: preciopetroleo.net.
This panorama of widespread falls and significant losses has left investors and analysts reviewing their strategies and forecasts in a market that, apparently, has entered a phase of high volatility and risk.
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