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Crypto Market Update: Record Highs and Sudden Correction in the Last 48 Hours
The cryptocurrency market has experienced both record highs and sharp corrections over the past two days. On August 14, Bitcoin surged to $124,480, marking an all-time high, driven by strong institutional buying, growing enthusiasm for Bullish exchange’s IPO, and overall market optimism. Ethereum also reached $4,788 on the same day, delivering its strongest performance in months.
However, the following day saw a reversal. U.S. wholesale producer price index (PPI) data came in higher than expected, weakening interest rate cut expectations and reducing global risk appetite. This triggered selling pressure across the market, pulling Bitcoin down nearly 4% to the $118K–$119K range and pushing Ethereum back to around $4,500.
Despite the short-term volatility, the market’s core fundamentals remain strong. Institutional buying from major funds like ARK Invest continues to provide liquidity support, and the successful progress of Bullish’s IPO is boosting confidence in the crypto ecosystem. While uncertainty in macroeconomic data persists, ongoing institutional demand and positive sector developments indicate that the market retains its potential for medium- to long-term recovery.
#MarketTurbulence #Market_Update
However, the following day saw a reversal. U.S. wholesale producer price index (PPI) data came in higher than expected, weakening interest rate cut expectations and reducing global risk appetite. This triggered selling pressure across the market, pulling Bitcoin down nearly 4% to the $118K–$119K range and pushing Ethereum back to around $4,500.
Despite the short-term volatility, the market’s core fundamentals remain strong. Institutional buying from major funds like ARK Invest continues to provide liquidity support, and the successful progress of Bullish’s IPO is boosting confidence in the crypto ecosystem. While uncertainty in macroeconomic data persists, ongoing institutional demand and positive sector developments indicate that the market retains its potential for medium- to long-term recovery.
#MarketTurbulence #Market_Update
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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