The global crypto market capitalization fell below the $2 trillion mark after decreasing 3.46% in the 24 hours leading up to 10:00 am UTC on Sept. 4, according to CoinMarketCap data. This resulted in Bitcoin (BTC) falling below the $60,000 psychological mark. Analysts are eying a potential correction for Bitcoin to $54,000 to $50,000, despite growing expectations of an interest rate cut in the United States.

For a potential reversal, the Bitcoin price first needs to correct to $54,000, according to Alex Kuptsikevich, senior market analyst at FxPro. He told Cointelegraph: "BTC/USD, 1-month chart. Source: Cointelegraph"

The total crypto market capitalization has sunk below the $2 trillion level, which is considered a key psychological level for the industry. This move comes as traditional markets also experience a sell-off, adding further pressure to the cryptocurrency space.

Source: https://cointelegraph.com/news/bitcoin-correction-crypto-market-drop-54k

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