Bitcoin Hits Two-Month Low; More Decline Likely?

• Coinglass data from just the previous hour shows significant market liquidation of $31.33 million.
• Bitcoin’s price has dropped below $28,000 for the first time in over two months.

Stocks in the United States unexpectedly fell at the market close, with the technology-focused Nasdaq Composite leading the decline. The release of the Fed’s July meeting minutes affected market sentiment because they highlighted a rising worry among top officials about “upside inflation risks.”

Fear of further interest rate rise dampened investor optimism on Thursday, sending the Bitcoin price to a two-month low. Bitcoin’s price has dropped below $28,000 for the first time in over two months. BTC’s relative stability throughout July is intriguing, especially in light of the recent dramatic drop.

Overall Market Collapse

Earlier, on August 14 the price spiked all the way to the $29.64K mark but failed to maintain momentum. After consolidating for a day on August 15, the downtrend gradually started, breaking key support levels. At the time of writing, Bitcoin (BTC) is trading at $27,854 and is down 4.40% in the last 24 hours as per data from CMC.

Moreover, Coinglass data from just the previous hour shows significant market liquidation of $31.33 million. The liquidation of Bitcoin was about $21.08 million, while Ethereum was at roughly $3.75 million.

On the other hand, an important indicator of Bitcoin’s network’s security and processing power, the network’s hash rate, has broken over the 400 trillion hashes per second (Th/s) barrier for the first time.

It’s true that Bitcoin’s value has dropped significantly, but other cryptocurrencies have fallen as well. Ethereum, BNB, and XRP are just some of the other big names that have had significant price drops, pointing to an overall market collapse.