BTC Nears January 2022 Low as Traditional Markets Tumble Too -Breaking
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© Reuters. BTC Closes to January 2022 as Traditional Markets Fall Too- The price of Bitcoin (BTC), continued to fall during the weekend
- Bitcoin’s current price stands at $33,523.28, as of today’s writing
- The S&P 500 has also suffered its longest weekly losing streak since 2011.
Bitcoin (BTC), which fell below $35,000 on Saturday, continued to fall. This is the third consecutive year of this decline. Now, the leading cryptocurrency is close to reaching its low in January 2022 of $33,184. According to CoinMarketCap, this is based on data.
Bitcoin’s current price is currently at $33,523.28 as of the writing of this post. Bitcoin’s price also fell to $33,393.61 in 24 hours. Crypto investors have been bracing themselves for further losses.
BTC price drops below $35,000 (Source: TradingView)
The Crypto Fear & Greed Index, an index that tracks various indicators such as price volatility, trading volume, and social media activity, is flashing “extreme fear” at the moment. This isn’t too surprising given the fact that Bitcoin registered a 10% drop last week, which is its largest intraday fall since January of this year.
As the world’s economy begins to feel the impact of both the Russia-Ukraine conflict and pandemic, the drop in crypto prices is an indication of growing uncertainty.
Additionally, the central banks and government introduced various stimuli that helped to sustain the economy. In an effort to control inflation, the authorities have begun pulling back all economic stimulus measures.
All of this means that the market is still in an economic environment similar to last year, when crypto prices surged to unprecedented heights. Investors should prepare for more losses.
The prices in the crypto market seem to correlate with the traditional financial markets seeing that the S&P 500 has also suffered its longest weekly losing streak since 2011.
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