BTC Retreats to $59,000 Following Market Correction
CryptoNewsTerminal Staff04 Aug, 2024
BTC Retreats to $59,000 Following Market Correction
Bitcoin (BTC) has retreated to $59,000 following a market correction that saw the cryptocurrency lose over 5% of its value. According to data from CoinMarketCap, BTC is currently trading at $58,969.6, down from its all-time high of $69,000 set earlier this month. The retreat comes as the broader cryptocurrency market has also experienced a correction, with many altcoins losing double-digit percentages of their value. Analysts attribute the correction to a number of factors, including profit-taking by early investors, concerns over regulatory crackdowns, and a recent surge in volatility. However, despite the pullback, many analysts remain bullish on BTC's long-term prospects, citing its increasing adoption and institutional interest.
