{"id":13104,"date":"2024-05-01T10:27:58","date_gmt":"2024-05-01T07:27:58","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-price-dips-below-57000\/"},"modified":"2024-05-01T10:27:58","modified_gmt":"2024-05-01T07:27:58","slug":"bitcoin-price-dips-below-57000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-price-dips-below-57000\/","title":{"rendered":"Bitcoin Price Dips Below $57,000"},"content":{"rendered":"<p>On the morning of Wednesday, May 1, the price of the leading cryptocurrency fell below $60,000.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">May 1, 2024 | 11:29<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>At one point, digital gold plunged below the $57,000 mark.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-05-01-v-11.27.57-1024x640.png\" alt=\"Snimok-ekrana-2024-05-01-v-11.27.57\" class=\"wp-image-231859\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-05-01-v-11.27.57-1024x640.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-05-01-v-11.27.57-300x188.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-05-01-v-11.27.57-768x480.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-05-01-v-11.27.57-1536x960.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-05-01-v-11.27.57-2048x1280.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">5-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>At the time of writing, the price had dropped to $59,700. Over the past 24 hours, the asset fell by 5.8%, according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1015.webp\" alt=\"1-1015\" class=\"wp-image-231853\"\/><figcaption class=\"wp-element-caption\">Hourly BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Other major cryptocurrencies also experienced a downturn. Leading the decline in the top 10 are DOGE (-8.8%) and SOL (-8.8%). XRP showed a smaller decrease of 2.3%. Ethereum fell by 6.4%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-780.webp\" alt=\"2-780\" class=\"wp-image-231854\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>The total cryptocurrency market capitalization stands at $2.32 trillion. BTC&#8217;s dominance index is 50.7%.<\/p>\n<p>The downturn in the cryptocurrency market aligns with a broader risk-off sentiment in global markets ahead of the <span data-descr=\"Federal Reserve System of the United States\" class=\"old_tooltip\">Fed<\/span> meeting.<\/p>\n<p>Today at 21:00 (Kyiv\/Moscow time), the Federal Reserve will announce its decision on the base rate, followed by a speech from Fed Chair Jerome Powell at 21:30.<\/p>\n<p>The S&#038;P 500 index fell by 1.6%, its largest drop since January. The yield on two-year U.S. government bonds, sensitive to Fed policy, returned to its November peak of 5%.<\/p>\n<p>Recently released U.S. labor cost data showed a 1.2% increase in the first quarter, exceeding the forecast of 1% and the 0.9% rise in October-December.<\/p>\n<p>The macroeconomic statistics dampened sentiment ahead of the Fed meeting, shifting expectations for the first rate cut to November. According to futures, the probability of a policy easing in September fell from 57.5% to 45.5%. A month ago, the market was 89.8% confident in this scenario.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-453.webp\" alt=\"3-453\" class=\"wp-image-231855\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html?redirect=\/trading\/interest-rates\/countdown-to-fomc.html\">CME<\/a>.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Both stocks and bonds, as well as the dollar, are anticipating the likelihood that Powell will frown upon the rate decision. This morning&#8217;s data justifies the committee&#8217;s increasingly hawkish stance,&#8221;<\/em> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-30\/traders-expect-biggest-fed-day-move-in-s-p-since-2023-citi-says\">commented<\/a> Jose Torres of Interactive Brokers.<\/p>\n<\/blockquote>\n<p>Amidst this backdrop, MicroStrategy shares stood out with a 17.6% drop in capitalization. Coinbase shares fell by 6.5%, while Marathon Digital and Riot Platforms declined by 10.9% and 8.8%, respectively.<\/p>\n<p>According to Santiment, the recent U.S. data sparked a surge in discussions around the hashtag #buythedip and mentions of BTC. Analysts believe this rise in sentiment indicates a renewed polarization among traders, with some advocating for buying opportunities while others remain cautious.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?? <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> fell to $60K for the first time since April 18th as <a href=\"https:\/\/twitter.com\/hashtag\/inflation?src=hash&#038;ref_src=twsrc%5Etfw\">#inflation<\/a> fears in the US are creeping in once again. We are seeing mentions of <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/buythedip?src=hash&#038;ref_src=twsrc%5Etfw\">#buythedip<\/a> calls spiking, which is signaling polarization between traders is back on the menu. <a href=\"https:\/\/t.co\/oNOUuPkDvE\">https:\/\/t.co\/oNOUuPkDvE<\/a> <a href=\"https:\/\/t.co\/4uaWGDF0iU\">pic.twitter.com\/4uaWGDF0iU<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1785385533537231014?ref_src=twsrc%5Etfw\">April 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Glassnode has concluded that Bitcoin is currently forming a <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoins-price-floor-predicted-between-60000-and-66700\">floor in the $60,000\u201366,700 range<\/a>. A sustained break below this could trigger a cascade of panic, prompting a search for a new equilibrium, they warned.<\/p>\n<p>Earlier, experts explained the post-halving dynamics and predicted further developments in a <a href=\"https:\/\/u1f987.com\/en\/news\/post-halving-dynamics-experts-weigh-in\">commentary for ForkLog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the morning of Wednesday, May 1, the price of the leading cryptocurrency fell below $60,000. May 1, 2024 | 11:29Update: At one point, digital gold plunged below the $57,000 mark. 5-minute BTC\/USDT chart on Binance. Data: TradingView. At the time of writing, the price had dropped to $59,700. Over the past 24 hours, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1224],"class_list":["post-13104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-macroeconomics"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13104"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13103"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}