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US Equities Decline Extends Losing Streak, Bitcoin Drops Below $20,000

The US equities market experienced its third consecutive week of declines, with the Nasdaq Composite seeing its longest losing streak since 2019. Bitcoin also fell below $20,000, hitting its lowest market dominance since 2018.
Published on 2022-09-05

US Equities Market Extends Losing Streak

The US equities market saw its third consecutive week of declines, with the Nasdaq Composite experiencing six straight days of losses for the first time since 2019. This downward trend persisted despite a positive August jobs report, signaling heightened anxiety among traders regarding the Federal Reserve's potential policy moves and their impact on the economy.

Bitcoin Drops Below $20,000

The weakness in US equities spilled over into the cryptocurrency market, pushing Bitcoin (BTC) below the $20,000 level on September 2. Bears maintained control over the weekend, keeping BTC under $20,000. This decline caused Bitcoin's market dominance to drop to just under 39% by September 4, its lowest point since June 2018.

Broader Crypto Market Weakness

The crypto market as a whole faced significant headwinds, with major altcoins like Cardano (ADA), Solana (SOL), and others experiencing notable price drops. This broader market weakness highlights the ongoing challenges facing digital assets amid macroeconomic uncertainty and tightening monetary policy.

Key Takeaways

  • US equities extend losing streak amid Fed policy concerns.
  • Bitcoin falls below $20,000, hitting lowest market dominance since 2018.
  • Broader crypto market weakness reflects heightened risk aversion.

The current market environment underscores the importance of careful risk management and a data-driven approach for investors and traders navigating these volatile conditions.

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