{"id":48521,"date":"2024-08-07T02:04:17","date_gmt":"2024-08-07T06:04:17","guid":{"rendered":"https:\/\/usa.businessupturn.com\/?p=48521"},"modified":"2024-08-07T02:04:17","modified_gmt":"2024-08-07T06:04:17","slug":"cryptocurrencies-decline-as-economic-concerns-weigh-on-markets","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/usa\/cryptocurrencies-decline-as-economic-concerns-weigh-on-markets\/48521\/","title":{"rendered":"Cryptocurrencies Decline as Economic Concerns Weigh on Markets"},"content":{"rendered":"<p>Cryptocurrencies fell sharply on the first trading day of August, as investors reacted to economic data that heightened concerns about the U.S. economy. The sell-off affected major cryptocurrencies and crypto-related stocks.<\/p>\n<p>Market Performance:<\/p>\n<ul>\n<li>Bitcoin: Dropped over 3.7%, trading at $63,144.00, according to Coin Metrics. The leading cryptocurrency has been volatile, trading within a range of $55,000 to $70,000 since March, when it reached an all-time high above $73,000.<\/li>\n<li>Ether: Fell 5% to $3,099.10, following a similar downward trend.<\/li>\n<\/ul>\n<p>Impact on Crypto Stocks:<\/p>\n<ul>\n<li>Coinbase: Declined by 5%.<\/li>\n<li>MicroStrategy: Fell by 6%.<\/li>\n<li>Marathon Digital: Dropped 7%.<\/li>\n<li>Riot Platforms: Lost 5.5%.<\/li>\n<\/ul>\n<p>The decline in cryptocurrency prices and related stocks was driven by a series of disappointing economic indicators released on Thursday. These included:<\/p>\n<ul>\n<li>July Manufacturing Activity: Fell by 1.7 percentage points from June.<\/li>\n<li>Unemployment Insurance Filings: First-time claims increased and exceeded estimates.<\/li>\n<li>Announced Layoffs: July saw the highest number of layoffs for that month in over two decades.<\/li>\n<\/ul>\n<p>The economic data contributed to investor fears that the U.S. economy could be headed towards a recession. This uncertainty has led investors to move away from riskier assets, including cryptocurrencies.<\/p>\n<p>Market Outlook: August is typically a slow month for cryptocurrencies and risk assets in general, and Thursday\u2019s losses nearly wiped out Bitcoin\u2019s 5.04% gain for July. Despite the recent volatility, Bitcoin remains up over 48% for the year. Many investors are optimistic that it will surpass its previous all-time high in the second half of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies Fall on Economic Data, Reversing July Gains<\/p>\n","protected":false},"author":331,"featured_media":48049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[3925,3927,10142],"class_list":["post-48521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-crypto","tag-ether"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=48521"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/48049"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=48521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=48521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=48521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}