Bitcoin Tumbles Back Under $58K as Crypto Quickly Crumbles Thursday Afternoon

Summer
2024
has
been
notable
for
two
previous
panicky
declines,
the
first
of
which
occurred
as
the
U.S.
was
enjoying
its
July
4
break.
The
catalyst
for
that
selloff
was
a
German
government
entity
moving
to
begin
selling
the
first
of
its
50,000
bitcoins
which
had
been
seized
as
part
of
a
criminal
probe.
The
second
major
tumble
was
just
about
two
weeks
ago,
when
what
seemed
like
a
benign
rate
hike
by
the
Bank
of
Japan
triggered
a
global
plunge
in
equity
markets
that
spread
to
all
risk
assets,
crypto
included.

Today’s
selloff,
for
now,
appears
to
have
no
obvious
catalyst.
U.S.
equity
markets
are
again
soaring,
with
the
Nasdaq
ahead
2.4%
and
the
S&P
500
1.6%
–
both
of
those
indices
now
having
returned
to
levels
seen
well
before
the
early
August
panic.