Aug 06, 2024 11:06:00

Bitcoin and Ethereum plummeted at the same time as the stock market crashed.

On Monday, August 5, 2024, the Nikkei Stock Average recorded its largest ever

drop of over 4,400 yen , and the Dow Jones Industrial Average also fell by more than $1,000 . Meanwhile, it has become clear that the prices of Bitcoin (BTC) and Ethereum (ETH) have also fallen.

Bitcoin briefly tumbles below $50,000 for the first time since February
https://www.cnbc.com/2024/08/05/crypto-market-today.html

Bitcoin Institutional Adoption 'Remains on Track' Despite Market Turbulence: Bernstein - Decrypt
https://decrypt.co/243145/bitcoin-institutional-adoption-remains-on-track-despite-market-turbulence-bernstein

Below is the price trend of Bitcoin . As of 9:00 a.m. on August 5, 2024, Japan time, it was about 8.47 million yen per BTC, but at 10:00 p.m. it had plummeted to about 7.1 million yen. After that, the price began to rise, and at the time of writing this article it had recovered to about 8.14 million yen.

The price trend of Ethereum looks like this. As of 9:00 a.m. on August 5, 2024, Japan time, it was about 390,000 yen per ETH, but by 22:30, it had fallen to about 310,000 yen.

As cryptocurrency prices plummet, major financial research firm Bernstein has released analysis results stating that 'cryptocurrency markets, including Bitcoin, are likely to be driven by macroeconomic and US presidential election trends for much of the third quarter of 2024.' Bernstein also stated, 'We see no negative factors for cryptocurrencies. Institutional investors' investment trends in Bitcoin, ETF trading, and the approval of cryptocurrencies by securities firms and banks are progressing smoothly,' and continues to be optimistic about cryptocurrency price movements.

The Nikkei Stock Average rose across the board immediately after trading began on Tuesday, August 6, 2024, recording an increase of more than 3,200 yen, the largest increase during the trading period.

Nikkei average stock price rises by more than 3,200 yen at one point, the largest increase ever | NHK | Stock prices and exchange rates
https://www3.nhk.or.jp/news/html/20240806/k10014538541000.html

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