While Ethereum is on the rise, Bitcoin continues to reverse along with most cryptocurrencies. Bitcoin fell to a more than three-week low today, plunging below $22,000 amid a sudden crypto sell-off in early European trade.
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Bitcoin briefly dipped from $22,738 to below $21,500 at 2:30 a.m. (US time), before recovering slightly to just below $22,000 over a 10-minute period. This comes shortly after the world's largest digital currency Passed the $25,000 level for the first time since June following a rise in US stocks
The specific reason for the decline, which also caused Binance Coin, Cardano and
Solana, was not immediately clear. "US stock markets have retreated since the publication of the minutes of the Federal Reserve's July meeting on Wednesday, the main result of which is that the bank will likely not raise interest rates further until inflation is under control without guidance on future interest rate hikes as well," stated Simon Peters, market analyst at eToro .
"With the tight correlation between US stocks and crypto in recent months, I suspect this has filtered into the crypto markets and is why we are seeing the sell-off. The trend may also have been exacerbated by the liquidation of long positions in the Bitcoin perpetual futures markets."
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