For Bitcoin, the price drop that started at the end of July reached its peak on August 5. During this period, BTC’s price dropped to as low as $48,800 according to Binance indicators. In the third week of August, things took a different turn, and after a series of positive statements from the Fed, the price started to rise again. However, after reaching a certain level yesterday morning, BTC’s price visibly continued to fall.
Why is BTC Falling?
The BTC drop that started after it rose to $65,000 yesterday morning continues today. Despite the absence of any notable negative news in the market, the falling prices raise significant questions.
As of the time of writing, Bitcoin’s price was trading at $61,889, which means a 2.5% drop. The deepening of the drop after the start of trading on Wall Street suggests that investors in the US might be selling.
On the other hand, despite the price drop, the trading volume increased by 30% and exceeded $30.5 billion. This volume increase can be interpreted in two ways. Firstly, it could mean that investors are selling to avoid potential losses or minimize them.
Secondly, it could mean that investors who find the current prices low are making significant purchases in preparation for the expected bull season after potential interest rate cuts in September. In either case, it would not be wrong to say that Bitcoin’s price continues to fall.
How Much is Ethereum in TL?
On the other hand, the price drop continues for Ethereum, the most traded altcoin in the market. After a 4% drop, Ethereum lost the $2,600 level and fell to $2,579.
Ethereum’s market cap dropped to $313 billion, while its trading volume remained at $13.988 billion after a 33% increase, indicating similar scenarios to Bitcoin. Looking at the ETH/TRY pair, the price is reflected as 88,542 TL on the charts.
