Cryptocurrencies Continue Descent: Bitcoin Price Falls to $107k
The cryptocurrency market continues its downward trajectory as we enter September. CoinCodex’s statistics note that Bitcoin’s (BTC) price has fallen to the $107,000 level, after hitting an all-time high of $124,128 on Aug. 14. BTC’s price has dipped 0.9% in the daily charts, 4.2% in the weekly charts, 6.8% in the 14-day charts, and 5.5% over the previous month. Source: CoinGecko Why Is Bitcoin’s Price Falling? Source: Twitter The latest market price crash was triggered after a lower-than-anticipated producer price index (PPI) figure for July. The market picked up steam after Federal Reserve Chair Jerome Powell delivered a dovish speech after the Jackson Hole meeting. The market seems to have taken another dive over the last weekend. The correction may have also been triggered by increased profit-taking after Bitcoin (BTC) climbed to an all-time high. Apart from BTC, Ethereum (ETH), XRP, and BNB also hit new all-time highs over the last few weeks. September has hi...