Cryptocurrencies tumble, bitcoin falls below $60k

Bitcoin (BTC-USD) fell to a one-week low, slipping below $60,000. Ethereum (ETH-USD) also fell in the trading session. What is driving crypto lower?

Yahoo Finance Reporter Jared Blikre joins Morning Brief to break down the recent movements in crypto and what investors need to know about recent trading trends.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Nicholas Jacobino

Video transcript

Let's take a look at Cryptocurrency, seen their biggest drop since the market sell off earlier this month, the world's largest token.

Bitcoin dipping below the $60,000 mark and the second largest ether, falling as much as 7%.

Here with more, we've got our own crypto expert, Jared joining us at the big board.

Hey, Jared, Hey there.

You set me up like that.

I wish I had a better explanation.

Let me just show you what's happened over the last three days, kind of humming along here, just sideways to down.

And now we've got that big plunge and kind of a reaction off the bottom here, and that's just more of the same from Cryptocurrencies.

We see a lot of the price action.

A lot of the time is.

Unfortunately, it is random.

So here's what's happened this year and what I'm going to point out here, and you can draw these lines a few different ways, but basically we're going in a flag and it's actually pointing down.

So the short to medium term trend has been down this year, but nevertheless, nevertheless, the longer term one is still intact.

This is still a bull market in crypto on the longer time frames.

But there's a lot, a lot of activity here, and you've got to imagine when it finally breaks.

This trading range has a ways to go either up or down.

To do that, it's going to mean something for the market and probably get follow through.

Let me just show you what all these guys are doing over the last month, so it looks more bearish than not.

Uh, you see Ethereum down 22% and there's no big catalyst on the horizon, though.

But we are looking at a, uh, the Chen, uh, hard fork in Cardano that's now set for September 1st, guys.

All right, Jared.

And later on in our 10 a.m. hour, we're gonna be speaking with the CEO of an ETF that tracks a lot of the Bitcoin names, so we'll be able to get a little bit more colour on that.

So stick around