The crypto markets experienced a significant downturn this week, leaving many investors disappointed as they hoped for a rebound. Unfortunately, the market's performance brought discouraging news for almost all stakeholders.
Bitcoin's Price Drop
Bitcoin faced a sharp decline throughout the week. The price of the leading cryptocurrency fell by more than 9% over the past seven days. On Friday, Bitcoin's value dropped to as low as $52,690 before stabilizing slightly over the weekend, closing at $53,229, according to Coinpedia Markets data.
Source: Coinpedia Markets
Economic Factors Contributed to the Decline
The price drop occurred amid concerns about the U.S. labor market's strength, which turned out to be weaker than expected. This prompted many investors to withdraw their investments rapidly, contributing to the overall decline in the crypto market.
Ethereum Took a Bigger Hit
Ethereum, the second-largest cryptocurrency, experienced an even steeper fall. The coin reached its lowest price of 2024, ending the week at $2,178 after a drop of more than 11%.
Source: Coinpedia Markets
The downtrend in Bitcoin's price also affected other altcoins, which followed suit, contributing to a widespread decline across the crypto market.
The week was filled with events that impacted the crypto market, setting the stage for potential future developments.
Let's dive into the top crypto news that happened Last week.
Top Crypto News of Last Week
1️⃣ U.S. August ADP data showed a 99,000 job increase, missing expectations, marking slowest growth since 2021.
2️⃣ Bank of Japan Governor Ueda confirmed interest rate hikes would continue if economic conditions align.
3️⃣ Grayscale suggested Bitcoin could retest its all-time high by year-end, despite market challenges.
4️⃣ Bitcoin miner revenue hit a yearly low in August, totaling $851.36 million from subsidies and fees.
5️⃣ DeFi protocols recorded $288 million in August fees, marking the lowest level since February.
6️⃣ Report revealed 96% of NFTs are now “dead,” with 43% of holders facing losses.
7️⃣ Coinbase completed its first AI-managed crypto trade, marking a significant milestone in AI technology.
8️⃣ CZ was banned for life from managing Binance but retained major shareholder rights and influence.
9️⃣ Donald Trump pledged to make the U.S. a global crypto and AI leader if re-elected.
🔟 Telegram CEO Pavel Durov, after his arrest, signaled possible exits from markets incompatible with Telegram’s principles.
That's it for today! Thanks for reading. Stay tuned for our weekly updates. Have a great weekend!😀
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