Bitcoin Nosedived To $49,300 Monday VS Record High Of $73,798 March 14
(MENAFN- Newsroom Panama)
Bitcoin (BTC) tumbled below $60,000 during the weekend, then nosedived to $49,300 during Monday's Asian morning as investors fled risk assets. bitcoin is down nearly 15% in the past 24 hours, recovering to near $52,000.
crypto prices are in free fall at a level not seen since 2022, when a collapse of major companies like FTX and Terraform Labs
put the entire industry in peril. This time around, as leading digital assets like Bitcoin and Ethereum have fallen as much as 25% in just a day, the reasons for the plunge are more complicated. While blockchain fans have long argued that cryptocurrencies offer a hedge to traditional financial assets, the drop in prices has mirrored a broader selloff across the stock market triggered by a disappointing jobs report and slow action
by the Federal Reserve. With Bitcoin hovering around $50,000-a price it hasn't hit since February, after spending most of July above $65,000-the turmoil could just be getting started.
Several other leading cryptocurrencies have suffered even worse downfalls, with eight of the top 10 most valuable tokens falling by more than 20 per cent since Sunday. The losses have totaled more than $300 billion for the combined crypto market, leading to fears among investors that the bull market that began in November 2022 may be coming to an end.
The crypto market downturn can be pinpointed to broader economic turmoil, which has seen massive losses for stock markets across Europe and Asia on Monday. When traditional financial markets begin to tumble, the crypto market typically mimics the downward movement as investors look to offload risky and volatile assets.“Risk assets nosedived during the Asian trading session on Monday as a weaker US jobs report and higher unemployment rate from Friday, and a rising Japanese yen following the Bank of Japan's recent interest rate hike, caused investors to flee risk assets,” said Simon Peters, a crypto analyst at the online trading platform eToro, who said that technical indicators may suggest bitcoin has bottomed out ahead of a potential recovery.“It is possible we could see a rebound from here over the coming days, as to how high the price will rebound we have to wait and see,” he added.
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