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in the early morning of august 28, bitcoin, the world's largest digital asset, fell below the $60,000 mark, leading to a general decline in the entire cryptocurrency market. the second largest token, ethereum, was not spared, with a drop of more than 7% at one point.

bitcoin fell by more than 6% at one point, the biggest drop since august 5. as of press time, the trading price is $59,175, and the price of ethereum is about $2,438.

the plunge in bitcoin this time is partly due to the market digesting the clear signal sent by federal reserve chairman powell last week. powell said that the federal reserve is considering lowering the benchmark interest rate from its highest point in more than 20 years. this news once boosted the risk asset market including bitcoin. however, as market expectations were gradually digested, bitcoin's rise began to show signs of fatigue, which eventually led to this sharp drop.

tony sycamore, a market analyst at ig australia, said: "we basically have fed put options on many assets, which makes it a bit worrying that bitcoin has fallen below its 200-day moving average price." he further pointed out that this fall below the key support level may foreshadow further adjustments in bitcoin in the short term.

traders are also closely watching the latest earnings report from nvidia corp., a leader in artificial intelligence, which is often seen as an important bellwether for global stock and cryptocurrency markets. sycamore said the report will be released later wednesday, and its results could directly affect investors' appetite for riskier investments, including bitcoin.

although the continued inflow of funds into bitcoin us exchange-traded funds (etfs) has provided some support to the market, the downward trend of bitcoin prices is still obvious. market analysts pointed out that the possible sale of confiscated bitcoin by the us government is one of the main obstacles facing the current market. this uncertainty factor has further exacerbated market volatility and investors' cautious sentiment.

looking back at the market performance this year, bitcoin's increase was as high as 41% at one point, and it hit a record high of $73,798 in march. however, since then, the price of bitcoin has not been able to effectively break through this level, raising doubts in the market about its subsequent upward momentum.