Cryptocurrency market today, September 5: Bitcoin, Ethereum, BNB all plummet

(NLDO)- In the past 24 hours, Bitcoin price decreased by 1.3%, trading around 110,500 USD, other cryptocurrencies such as Ethereum, BNB, Solana... are also in red.

According to OKX data at 8:00 a.m. on September 5, the cryptocurrency market witnessed a massive decline.

Why is Bitcoin price falling?

Over the past 24 hours, Bitcoin (BTC) price decreased by more than 1.4%, trading around $110,500.

Major cryptocurrencies such as Ethereum (ETH) also decreased by 3.5%, down to 4,305 USD; XRP decreased by 1.8%, down to 2.78 USD; BNB decreased by 1.2%, down to 845 USD; Solana (SOL) decreased by 4.4%, down to 201 USD...

This development continues the weakening trend of Bitcoin after a weak recovery at the beginning of the week. According to Coindesk, at one point on September 5, Bitcoin fell below the $110,000 mark, leading analysts to believe that the market could enter a deeper correction cycle.

Bitcoin is trading around $110,500/BTC Source: OKX

Bitcoin has fallen for three consecutive weeks since its all-time high of $123,640 in August, according to Bitfinex. During bull runs, Bitcoin typically corrects an average of 17% from peak to trough, with the current level approaching that range.

Not only cryptocurrencies, stocks linked to digital assets also plummeted. MicroStrategy (MSTR), the largest Bitcoin holder, fell 3.2% and has lost 30% of its value since July.

In Japan, MetaPlanet (3355) lost 7% of its value, now 60% below its June peak. KindlyMD (NAKA) continued to lose 9%, bringing its total decline to 75% since mid-August. Ether-related funds such as BitMine (BMNR) and SharpLink Gaming (SBET) also fell 8%-9%.

Another factor that makes investors cautious is seasonality, as September is traditionally a “weak” month for Bitcoin.

Meanwhile, gold - a traditional safe haven - set a new record of over $3,500/ounce, drawing capital away from risky assets.

Still, Joel Kruger, strategist at LMAX Group, said September is typically just a consolidation period before the market picks up in the fourth quarter.

Mr. Joel Kruger commented that this decrease may not be too deep if ETF capital flows, investments from businesses and favorable legal factors continue to support.

Vietnam ranks 4th in digital asset adoption speed

Chainalysis’ latest report on digital asset adoption shows that the top five countries are India, the US, Pakistan, Vietnam and Brazil, respectively. This is the fifth consecutive year that Vietnam has been in this group since 2021.

Specifically, Vietnam ranked 1st in 2021 and 2022, then dropped to 3rd (2023) and 5th (2024). This year, Vietnam moved up one place, holding the 4th position globally in terms of digital asset adoption speed.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-5-9-bitcoin-ethereum-bnb-dong-loat-lao-doc-196250905082818298.htm