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Bitcoin Price Falls Over $10k For The Day - What Really Is To Blame?
2021-12-04 | Robin Williams
BTC/USD 1 DAY PRICE CHART - COINMARKETCAP.COM
What Really Is To Blame? There's also the threat posed by the Omicron COVID strain, which has arrived in California. Remember that economic instability greeted COVID's initial venture into America in March 2020, knocking the stock market to its knees and sending Bitcoin to just beyond $5,000. Each action necessitated the development of a new treatment. Lockouts resulted in stimulus cuts, which resulted in labour shortages and supply chain concerns. As a result, the cost of commodities and labour is rising. There is a growing anticipation that the Federal Reserve will need to boost interest rates in order to battle inflation. While this doesn't explain why inflation hedges like Bitcoin are falling today, Bitcoin is demonstrating significant levels of correlation with S&P 500 equities as the investment has grown more widespread. According to CoinMarketCap statistics, Bitcoin has dropped from a record high of $69,000 to $53,000 in just 23 days, a 22% loss, and presently at $47,298 USD, a 31% drop. Ethereum, which also reached an all-time high 23 days ago, has fallen 14 percent in that time frame and is currently on the verge of falling below $3950 USD.
