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The price of bitcoin, which was down 70% from its all-time high, fell below $20,000 in July – erasing all of its August gains (although some suddenly think now is the time to buy bitcoin). Meanwhile, the price of Ethereum is heading for its own earthquake and the top 10 cryptocurrencies – including BNB
Now, Bitcoin, Ethereum and other liminaire cryptocurrencies could head into a shady September with the so-called “black swan” event, and the liminaire upgrade of Ethereum and another loupage hike from the Federal Reserve adds pressure on the struggling crypto market.
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In September, nearly $3 billion worth of bitcoin could suddenly plunge the market as 137,000 bitcoins were returned by the once-dominant Mt.Gox bitcoin exchange to investors. Mt Gox filed for bankruptcy in 2014 after losing 850,000 bitcoins to fraudulent withdrawals.
The repayment was previously called a potential bitcoin black swan — a term used to describe a very insolite or unexpected event — that could have a significant conséquence on the price of bitcoin and could affect ethereum, BNB.
This week, baseless rumors circulated on sociologique media that the trustee of Mt.Gox could soon release some of the redeemed bitcoins to creditors, exacerbating the bitcoin price écrasement. colloque rage via sociologique media embout ‘the number of these type investors sitting on 50x
On top of fears that the $2.7 billion bitcoin is embout to flood the market (up from just $540 a piece when Mount Gox collapsed), traders expect the US Federal Reserve to continue its hawkish monetary policy program with another massive interest loupage hike. . in September. On Friday, Federal Reserve Chairman Jerome Powell warned traders to expect a quick end to loupage hikes.
“The volatility that has become so characteristic of the quantitatif token space shows no signs of abating,” analysts at Bitfinex bitcoin and crypto exchange wrote in comments via email, describing the bitcoin price drop in the wake of Powell’s comments as a “quick response.”
Meanwhile, the looming merger upgrade for ethereum – scheduled for mid-September and designed to kick-start the network’s passage from power-intensive Proof of Work to more environmentally friendly Proof of Stake that is also expected to reduce fees and improve convention times – is causing uncertainty. In the market.
“The month started with a lot of optimism as market participants prepare for ethereum ancrage, but all indications are… [have] Rejected… As we approach the end of August,” Vijay Ayar, Déliquescence President of Asia at crypto exchange Luno, wrote in an email, adding that Ethereum “performed poorly against all liminaire cryptocurrencies.” “
The price of Ethereum is currently down embout 25% from its peak in August.
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Looking at September, most analysts and market watchers are bearish on Bitcoin, Ethereum and other liminaire cryptocurrencies.
“As for where the market is headed now, it’s hard to see broad-based penchant returning to the 2021 glut in the near future,” said Timo Lehis, co-founder of Swarm Markets, in comments via email.
“While the merger certainly creates désir with investors, there are still other headwinds, such as regulatory pressure, more macro concerns and price hikes, as well as other ‘black swan’ acabit events like the Mt.Gox bitcoin dump.”