Cryptocurrency markets declined further as investor caution increased ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole on Friday.
Bitcoin dropped below 114,000 dollars, down 9% from its all-time high on Thursday, while several alternative coins declined even more sharply.
Investors are reconsidering the possibility of interest rate cuts by the Federal Reserve in September, especially after a stronger-than-expected Producer Price Index report raised inflation concerns.
Cryptocurrencies continued their decline on Tuesday with Bitcoin dropping
Bitcoin
113,110.15 dollars
Gold fell below 114,000 dollars as investors turned cautious that Federal Reserve Chair Jerome Powell's speech at Jackson Hole on Friday could bring a hawkish surprise.
Bitcoin fell to 113,700 dollars during the early hours of trading in the United States, its weakest price in nearly two weeks and down 9% from its record high above 124,000 dollars on Thursday.
The price of Ethereum (ETH) fell by 3.5% over the past 24 hours, dropping below 4,200 dollars. Major alternative coins were not spared either:
Chainlink.
23.68 dollars
, avalanche collapse
AVAX
22.51 dollars
, Toncoin
ton
3.2100 dollars
, Athens
INA
0.6349 dollars
and Aptos
APT
4.3307 dollars
fell by 4%-6% in one day.
The decline in cryptocurrencies coincided with traditional markets shifting away from risk, as the Nasdaq and S&P 500 indices fell by 0.9% and 0.4% respectively in the morning.
A review of cryptocurrency treasury management companies shows the ongoing contraction of the currency bubble, with shares of KindlyMD (NAKA), focused on Bitcoin, dropping an additional 14% on Tuesday. Shares of Bitmine Immersion (BNMR) and Sharplink Gaming (SBET), focused on Ethereum, also fell by 10%.
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