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Bitcoin Prices Are Falling: Bitcoin and Ethereum Are Down 50% From All-time Highs. — Billions Flee the Cryptocurrency Economy
Bitcoin falls below $34,000, reaching its lowest level since January, after a stock market sell-off
Bitcoin falls below $34,000, reaching its lowest level since January, after a stock market sell-off.
Bitcoin is a volatile asset that may swing more than 10% higher or down in a single day. Bitcoin has continued to fall after a larger stock sell-off in the United States last week pushed the cryptocurrency market into a frenzy, causing the cryptocurrency to fall by nearly 10%.
At roughly 3:36 a.m., Bitcoin, the world’s biggest digital currency by market value, was down nearly 3% at $33,594.50. Bitcoin is presently at its lowest price since late January. This year, the virtual currency has been trading in a confined range as it strives to recapture its late-2021 highs.
Volatility is sending risk assets into a spiral, mirroring the large swings in stocks. On Monday, Bitcoin (BTC-USD) fell another 3.6 percent to as low as $33,316, down more than 50% from its all-time high of $67,802 set in November 2021.
The second-largest cryptocurrency, Ethereum (ETH-USD), was also under pressure, as was the majority of the crypto sphere. “If risk sentiment continues plummeting, the chicken bones on the technical charts suggest Bitcoin could be on its way to $28,000 and then $20,000,” said Jeffrey Halley, senior market analyst at OANDA Asia Pacific. Markets are up against a slew of variables that are posing new challenges to the financial environment.
According to Coinbase, the cryptocurrency traded at little under $36,000 on Friday and is down 18 percent in the previous month. One day later, speculators changed direction, sending markets into a tailspin — and crypto values with them.
“Cryptos have been tending to trend recently with the stock market,” said Michael Oliver, head analyst of Momentum Structural Analysis. “Right now, what we’re seeing is…
