Bearish Shockwaves Engulf The Market As Bitcoin Drops To 3-Month Lows Below $30,000

2022-05-10 | Selina Mathew

Bearish Shockwaves Engulf The Market As Bitcoin Drops To 3-Month Lows Below $30,000

Bitcoin (BTC) fell to a three-month low on Monday in the Asia Trading Section, as investors panicked over the weekend's persistent negative sell-off in the digital currency ecosystem.

According to CoinMarkCap, the most valuable cryptocurrency fell to $29,961.63 during the Asian trading session. According to CNBC, the lowest price point was down more than 12% on the day, and was down more than 56% from it's all-time high of roughly $69,000 in November.

Nearly the last week, the digital currency has lost over 20% of its value, indicating that the sellers have increased their dominance. BTC's activities have also contributed to a drop in the aggregate crypto market capitalization.

Correlation between altcoins

The worldwide crypto ecosystem has seen a major massacre as altcoins have plummeted by more than a mile as a result of Bitcoin's dismal performance.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, fell 8.52 percent to $2,310.08, while Binance Coin (BNB) fell 11.79 percent to $312.34. The failure of major altcoins to separate from Bitcoin's impact created further agony for investors in Terra (LUNA) and Shiba Inu (SHIB), which both fell 17.05 percent and 15.02 percent, respectively, due to the inability of leading altcoins to decouple from Bitcoin's influence.

Dawn of Inflationary Cushion

The current market selloff demonstrates that investors are now paying more attention to what the US Federal Reserve's upcoming 50 basis point rate rise would signify for the crypto market.


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