BTC Retraces to $49,902 Amidst Market Downturn
CryptoNewsTerminal Staff05 Aug, 2024
BTC Retraces to $49,902 Amidst Market Downturn
According to data from Cryptonewsterminal, Bitcoin (BTC) has retraced to $49,902.01, marking a significant drop from its recent high of over $50,000 just a few days ago. The market has experienced a pullback in recent days, with several key cryptocurrencies seeing declines. BTC, the largest cryptocurrency by market capitalization, has not been immune to this trend, with its price falling below the $50,000 mark. At the time of writing, BTC is trading at $49,902.01 on Binance, the world's largest cryptocurrency exchange by trading volume. The coin has lost approximately 3.46% in the past 24 hours and 4.21% in the last seven days. The recent market downturn has been attributed to a number of factors, including profit-taking by investors and increasing regulatory scrutiny of the cryptocurrency industry. As the market continues to fluctuate, investors should exercise caution and consider their risk tolerance before making any investment decisions.
