BTC Retraces to $57,000 Amidst Market Correction
CryptoNewsTerminal Staff05 Sep, 2024
BTC Retraces to $57,000 Amidst Market Correction
Bitcoin (BTC) has retraced to $57,000 as the broader cryptocurrency market experiences a correction. According to Coinnis Market, BTC is currently trading at $56,965.76 on the Binance USDT market. This represents a decline of over 5.5% from its recent all-time high of $61,600. The correction in the cryptocurrency market is likely due to a number of factors, including profit-taking by early investors and concerns about regulatory crackdowns in China. However, analysts remain optimistic about the long-term prospects for BTC, citing its growing adoption by institutional investors and its limited supply.
