Bitcoin Takes Hit as Macro Fears and Quantum Concerns Mount
The cryptocurrency market took a hit in early September as investors grew cautious about potential interest rate hikes and rising crude oil prices. Bitcoin (BTC) dropped 0.9% to $78,475.12 on September 8, while Ethereum (ETH) slipped 0.1% to $2,484.36 and Solana (SOL) fell 0.6% to $103.37.
The market pressure was also exacerbated by a hacking incident on the Liquid Network, a Layer-2 blockchain network designed to enhance transaction speed. This added to the selling pressure on Bitcoin in the short term.
However, Ethereum showed relative resilience amidst the market downturn, possibly due to the Ethereum Foundation's announcement that it would prioritize advancing quantum-resistant preparedness. Institutional player Bitmine Immersion Technologies' continued buying also supported the coin's price.