Cryptocurrency Prices on August 21: Bitcoin drops below $60,000; Ethereum, Litecoin fall up to 4%

economictimes.indiatimes.com:

As of 12:15 pm IST, Bitcoin was down 2.3%, trading at $59,656, while Ethereum fell 2.8% to $2,602. The global cryptocurrency market cap also dropped by 1.9%, settling at around $2.11 trillion over the last 24 hours.

Later on Wednesday, preliminary revisions to U.S. labor data are expected, with a significant downward adjustment anticipated, potentially supporting the case for cutting interest rates. Federal Reserve minutes are also expected to reinforce a dovish stance.

«Bitcoin had another unsuccessful attempt at breaching the $60,700 critical resistance and is now consolidating below $60,000. The market remains cautious ahead of the U.S. jobless claims data release tomorrow. There's a strong chance that Bitcoin could rally toward $61,000 if the data indicates a drop in claims,» said Vikram Subburaj, CEO of Giottus.

Did you Know?

The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.

Edul Patel, CEO of Mudrex, commented, «Bitcoin is trading at $59,000 due to a lack of momentum for significant upward movements, largely influenced by stronger confidence in the global economy, ongoing geopolitical tensions, and a