Bitcoin Today 08/12/2024: ‘seesaw’ makes BTC price fluctuate

Cryptocurrencies have been on a real “see-saw” in terms of price over the past few days. The market has seen a sharp drop in the past 24 hours, but has had a strong positive performance over the past week. This has been the case with Bitcoin (BTC), which has seen a sharp drop in the past 24 hours and has once again lost support at $60,000.

However, the cryptocurrency managed to record gains of almost 12% last week, when it rose to around $62,000.

In addition to Bitcoin, all of the Top 10 cryptocurrencies followed suit. Solana (SOL), for example, fell 1.6% on Monday (12), but has appreciated 22.6% in the last seven days. Dogecoin (DOGE) followed suit: falling 1.3% on the day, but led the Top 10’s weekly gains by rising 25.5% in seven days.

Price of Bitcoin and other cryptocurrencies

In the Top 100, the biggest highlight was SUI, which appreciated both on the day and on the week. Its price registered an 18% increase on Monday, while it has accumulated a total appreciation of 103%. The market’s upward movement was so strong that among the 300 largest cryptocurrencies, only seven fell, and only MPLX fell more than 1% – its weekly loss was 7.3%.

Last week, the Bank of Japan (BoJ) clarified that it will not raise interest rates this year following the recent market turmoil. But experts and traders say a second wave of cryptocurrency market sell-off could be on the horizon.

Makoto Sakurai, a former BoJ board member, reassured markets and echoed the bank’s message. According to Sakurai, the Japanese central bank may not “hike again, at least for the rest of the year.” However, he said a hike could happen in the first quarter of 2025.

Geopolitical tensions and recession in the US

The sell-off in Bitcoin and the broader cryptocurrency market continues amid the ongoing war between Russia and Ukraine, with recent tensions over a fire at Europe’s largest nuclear power plant, the Zaporizhzhia nuclear power plant. Located in Ukraine, the plant has been under intense scrutiny due to fears that an attack on it could trigger a nuclear accident.

In the Middle East, several reports claim that Israel expects a major attack from Iran within days. According to a report by The Times of Israel, this could possibly happen before ceasefire negotiations with the Hamas terror group.

Finally, fears of a recession in the US still exist, as some economists believe the economy may be in recession, contradicting CEOs and business owners’ views that the US economy is resilient. Bitcoin and other cryptocurrencies are also looking ahead to this week’s jobs numbers for more data on labor market conditions.

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