Bitcoin (BTC) Price Drops 6.5% in 7 Days,跌至 56,728 美元

Bitcoin (BTC) price has dropped 6.5% over the last seven days and the downside continued on Sept. 3 as the DOW dropped by 1.2%.

The price of Bitcoin ( BTC ) has dropped by 6.5% over the last seven days, continuing a period of downturn that began on Sept. 3.

The broader market also fell on Tuesday, Sept. 3, as the Bank of Japan hinted at more interest rate hikes.

In a document submitted to a government panel chaired by outgoing Prime Minister Fumio Kishida, BoJ Governor Kazuo Ueda explained the central bank’s policy decision in July, reiterating that the regulator will continue to raise interest rates if the economy and prices perform as expected.

The comment saw the yen strengthen against the US dollar, with the USD/JPY pair briefly reaching 145.1 from a high of 147.2 on Sept. 2.

Bitcoin lost $1,700 within two hours after the Wall Street open on Sept. 3 to reach an intraday low of $57,556, according to data from Cointelegraph Markets Pro and TradingView.

This follows a period of relative stability for Bitcoin, which has remained stuck in a wide range stretching from $50,000 to $70,000 since reaching record highs on March 14.

Despite this range-bound price action, Bitcoin remains fairly valued as observed by onchain analyst Root.

Bitcoin’s fair value represents the intrinsic worth of the pioneer cryptocurrency based on its underlying economic fundamentals.

The analyst’s chart shows the spot price of Bitcoin hovering around its fair value, suggesting that BTC is fairly valued.

Meanwhile, VanEck, a New York-based wealth management firm, remains optimistic about Bitcoin’s future.

The firm has set ambitious targets for the price of Bitcoin saying it could reach $2.9 million by 2050, with the best-case scenario being set at $52.38 million.