Will Bitcoin survive after getting negative signals from US federal reserve ahead of september?
Recent developments reveal that there might be a financial crisis due to the forming bearish pattern. The probability of this outcome is led by the recent massive liquidation of around $1.25T from the US stock market in the past 24 hours and after the announcement from US federal reserve chairman, Mr. Powell about the hike in interest rates in upcoming September.
Major stock market indexes such as S&P 500, Nasdaq, Dow Jones etc have fallen between 3.03% - 3.94% worst after June. Also, Crypto Market could take a lot of sell pressure due to the upcoming development of Mt. Gox, expected to sell off a massive 137,000 Bitcoin in the next few weeks. Hence, September is going to be very important regarding global markets.
At the time of writing this article, Bitcoin is trading at $20,100 and the global crypto market cap has fallen to $970B, a 5.4% decrease in the last 24hrs.
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