The world’s largest cryptocurrency is now down more than 9% in a single day
value of bitcoin (btc) Earlier today there was another 52-week low of $30,838 on the Bitstamp exchange.
The cryptocurrency is highly correlated with the Nasdaq 100 Index. The tech-heavy index is down 23% since the beginning of the year. For comparison, bitcoin is down 31% over the same period.
According to data provided by Coingglass, over $700 million worth of crypto has been liquidated within 24 hours.
The “Fear and Greed” index, which is updated daily, is currently showing extreme fear with a score of 11.
Digital Currency Group CEO Barry Silbert says he would rather own bitcoin than anything else in the market.
Nevertheless, gold remains in the green year after year, which proves that bitcoin is far from being a viable store of value.
The Dollar Index (DXY) is this year’s biggest winner. This is an increase of over 8% since the beginning of the year and has managed to hit a decade high.
Risk assets such as bitcoin have been hit hard by the Federal Reserve’s rapid tightening of financial conditions.
Nevertheless, Bitcoin may extend its bearish streak. As reported by U.Today, Galaxy Digital CEO Mike Novogratz doesn’t expect bitcoin to bottom out anytime soon.
In 2018, bitcoin notoriously fell 73% before recovering the following year. In 2014, the world’s largest cryptocurrency fell by 58%.
Bitcoin Price May Be Down, According to Skybridge Founder Anthony Scaramucci $18,000 If previous cycles are any guide.