Bitcoin drops 50% from November peak ~ May 10, 2022

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The market value of Bitcoin (BTC-USD) has fallen by 50% since its peak in November last year, tracking slumping global equities amid geopolitical tensions and inflation pressure.

Over the weekend, most of the major cryptos came under pressure and the downbeat mood carried over into Monday as the world’s biggest cryptocurrency headed toward levels last seen in July 2021.

Bitcoin fell 4.4% to $32,980 (£26,780) on Monday afternoon in London, dropping out of the range it’s been trading in 2022.

Read more: Live crypto prices

The token has a market cap of $635bn and accounts for nearly a third of the $2bn cryptocurrency market.

Ether (ETH-USD), the second largest crypto, which underpins the Ethereum network, crashed 5% to $2,411 at the time of writing.

Bitcoin’s fresh downturn puts it closer to breaching the January low of $33,000, completely reversing the bull run that drove the token to a record $69,000 in November last year

  • Suban AbdullaMon, May 9, 2022, 2:35 AM·3 min read
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    However, despite the fresh lows, the bitcoin bull is “yet to capitulate”, analysts say.”Correlation with risk assets has been obvious”, particularly with the Nasdaq (^IXIC), including tech, growth, and bubble stocks, said Neil Wilson, chief market analyst of Markets.com.”The weekend pricing gives us a clue as to what the Nasdaq might do — futures opened lower overnight and have held losses so far with little positive catalyst obvious.”It comes as stocks remained unnerved as tightening monetary policy to stem runaway inflation and ebbing liquidity pushed traders away from speculative assets across global markets.As cryptoassets continue to exhibit a strong correlation with equities, experts warn a bearish Federal Reserve and the Ukraine conflict could increase bitcoin’s volatility, as the crypto moves further away from its promise of becoming an immutable and decentralised hedge against the institutional financial system.

    By cindyloucbp

    Cynthia is the typical Pisces! Her left brain activities include scientific activities in the hospital laboratory as a director. Her right-brain activites show as a painter, photographer and musician. She is known as the scientist who sings!

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