Thursday, May 19, 2022

Bitcoin falls below $33,000 to set new multiple-months low.

The Takeaway:

The leading cryptocurrency with the market cap, bitcoin, set new multi-month lows on Jan. 24 as its price dived below $33,000.

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Bitcoin’s price slumped further over the weekend to levels not seen since last August, as a selloff of riskier assets like stocks spread to cryptocurrencies. Bitcoin has now shed about 50% from its record high in November. That level represented the start of a CME futures gap leftover from July 2021, Bitcoin “filling” it almost to the dollar before reversing upwards to add over $1,000 in minutes.

 

Bitcoin has now fallen nearly 20% over the last week.

Bitcoin’s price had already taken a major hit last week when it fell from around $43,000 to around $38,500. But that plunge continued today, taking it to a low of around $33,000. Bitcoin has now fallen nearly 20% over the last week. Other coins have seen even more dramatic losses: Ethereum is now down 27% over the past week. Anyone that bought bitcoin at the start of the year has now seen it lose more than 24% of its value in just three weeks.

 

The declines in crypto prices followed a volatile session on Wall Street.

The declines in cryptocurrencies’ prices followed a volatile session on Wall Street on Friday that saw stocks swing from early gains to a selloff, as investors repeated this week’s pattern of selling rallies, pushing the Nasdaq Composite deeper into correction territory. The pessimism continues to grow among investors and traders when it comes to riskier assets, and this is chiefly influencing the price of equities and bitcoin,” said Naeem Aslam, chief market analyst at AvaTrade, in a note to clients. BTC Supporters had hoped in recent days that the $40,000 level would be an important psychological barrier and that the price could stabilize above that level. Instead, it has dropped way below that and continued to trade down.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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