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Bitcoin Price Drops Below $2,000 as Crypto Markets Fall Toward $70 Billion
Bitcoin prices fell below a notable milestone on Saturday amid uncertainty over a possible technical change.
By Pete Rizzo
Updated Sep 11, 2021, 1:32 p.m. Published Jul 15, 2017, 2:15 p.m.
The price of bitcoin hit a 49-day low today, falling below $2,000 for the first time in weeks amid a broad sell-off across crypto assets.
The value of the total supply of all cryptocurrencies and crypto assets tracked similarly, dropping to $72bn, a figure that was 37 percent lower than its all-time high of $115bn set in June.
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Overall, the figures observed for both bitcoin and the total cryptocurrency market were the lowest since late May. Further, the asset class was down 11% over a 24-hour span at publication, a time during which it shed roughly $9bn in value.
When polled, responding analysts largely credited the decline to short-term concern about the markets, which have undergone a period of rapid appreciation since the beginning of 2017.
Others pointed to the ongoing debate over bitcoin's technical roadmap, as well as uncertain over how planned upgrades could unfold, as a possible reason.
"It could be people who are not comfortable in holding bitcoin because of August 1st due date," Andrea Medri, founder of cryptocurrency exchange The Rock Trading, told CoinDesk.
Also cited is the fact that ether's market has been similarly hit with sell pressure, spurred by the economics supporting recent ICO projects.
Still, others suggested it could be a sign of market-fatigue long expected given the influx of relatively new traders in recent months.
Water slide image via Shutterstock
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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