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Bitcoin Falls To Lowest Value Since January As Tumbling Stock Markets Continue To Hurt Crypto |
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Bitcoin fell to its lowest level since January on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks.
Bitcoin dropped to as low as $33,266 (€31,661.58) in morning trade, testing the January low of $32,951 (€31,361.77). A fall below that level would be its lowest since July last year. It then steadied to trade around $33,500 (€31,884.30), down 1.4 per cent.
"I think everything within crypto is still classed as a risk asset, and similar to what we've seen with the Nasdaq, most crypto currencies are getting pummelled," said Matt Dibb, COO of Singapore-based crypto platform Stack Funds.
The tech-heavy Nasdaq fell 1.5 per cent last week, and has lost 22 per cent year to date, hurt by the prospect of persistent inflation forcing the US Federal Reserve to hike rates despite slowing growth.
Dibb said other factors in the decline over the weekend - Bitcoin closed on Friday around $36,000 (€34,253) - were the crypto market's notoriously low liquidity over the weekends, and also short-lived fears that algorithmic stablecoin called Terra USD (UST) could lose its peg to the dollar. Stablecoins are digital tokens pegged to other traditional assets, often the US dollar.
Source: Euronews
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