Bitcoin and Ethereum Lead $170 Billion Crypto Market Plunge, With Local Investors Feeling the Impact

THUNDER BAY, ON – As cryptocurrency adoption grows in Thunder Bay, local investors are facing the realities of a volatile market.

Between September 1 and 7, 2024, the global crypto market shed a staggering $170 billion in value, with major players Bitcoin and Ethereum responsible for nearly 79% of the losses.

This downturn hits close to home as more Thunder Bay residents and businesses seek inroads into the world of digital assets.

Crypto’s Rough September: A Global Trend with Local Ripples

Historically, September has been a challenging month for Bitcoin, which saw an 8.84% drop in the first week alone, following an 8.6% dip in August. Ethereum (ETH) didn’t fare much better, contributing $34 billion to the market’s decline, while Binance Coin (BNB) and Solana (SOL) also saw significant losses.

With Bitcoin and Ethereum driving 78.82% of the downturn, the combined market cap of these two heavyweights plummeted, dragging the rest of the market with them.

For Thunder Bay investors and tech enthusiasts, the crash serves as a stark reminder of the risks associated with cryptocurrencies.

Several local investors are sure to be reassessing their portfolios, while businesses exploring crypto payments are monitoring the market closely.

Looking Ahead: Will Q4 Bring Relief?

Despite September’s tough start, Bitcoin historically rebounds in the fourth quarter, posting gains 63.64% of the time since 2013. Notable bull runs of 215.07% in 2017 and 168.02% in 2020 offer hope that the market may recover in the final months of 2024. However, with a $100 billion drop in Bitcoin’s market value in just one week, it remains uncertain how quickly the market will bounce back this year.

Thunder Bay’s Crypto Future

As global market instability continues, Thunder Bay’s crypto enthusiasts are reminded of the importance of education and cautious investment strategies.

With local businesses increasingly integrating crypto into their operations, the evolving market presents both opportunities and risks. The current downturn is a stark indicator of the volatility, but many remain optimistic that Thunder Bay’s budding interest in cryptocurrency could benefit from a potential fourth-quarter recovery.