Bitcoin Price Drops Below $59,000 Amidst Market Volatility

Over the weekend, Bitcoin experienced a significant drop below the $59,000 mark after trading above $60,000 for most of the time. The price of BTC is currently around $58,550 in the European morning, showing a 2.4% decrease over the past 24 hours. This drop comes at the beginning of a week where traders are anticipating the Federal Reserve to make its first interest-rate cut in over four years.

The broader digital asset market, as indicated by the CoinDesk 20 Index (CD20), is also down by 3.6%. The recent volatility in the crypto markets was partly influenced by positive U.S. economic data released on Friday, which led to a temporary rally. Inflows into Bitcoin ETFs reached over $263 million, marking the highest level since July 22. In addition, Ethereum equivalents saw an increase of around $1.5 million.

This recent price drop in Bitcoin highlights the ongoing volatility in the cryptocurrency market. Traders and investors are closely monitoring the situation as they await further developments, particularly in light of the upcoming Federal Reserve decision. The market remains unpredictable, with fluctuations expected to continue in the coming days.