Bitcoin Prices Plunge With Stocks

bitcoin prices plunge with stocks
bitcoin prices plunge with stocks

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The world’s most valuable cryptocurrency fell 10% on Monday after plunging again over the weekend. Bitcoin prices have now fallen nearly 20% over the past week. At a price just below $31,000, bitcoin is more than 50% below its all-time high of nearly $69,000 from late last year and its lowest level since July 2021.

Other cryptocurrencies, sometimes called altcoins, have also been hit hard. Ethereum, binance, solana and cardano all fell around 15% in the past week, while Elon Musk’s beloved dogecoin fell 10%.

Cryptocurrencies are proving just as risky as stocks and susceptible to the same concerns that drag the Dow, S&P 500 and Nasdaq.

“Volatile trading of digital assets hasn’t been all that unusual in recent years,” said Michael Kamerman, CEO of trading platform Skilling. “Cryptocurrencies are increasingly moving in sync with tech stocks, with investors viewing them as risky assets and often retreating to safer corners of the market during bouts of market volatility.”

Kamerman said he is still bullish on bitcoin over the long term. More and more hedge funds and other big institutions are starting to invest in crypto, and some global central banks are also starting to embrace it.

But he added that “Bitcoin is not immune to the risk of global inflation that is spreading to most other asset classes, so we should expect to see the downtrend continue.” .

Bitcoin Hit by Same Issues Driving Stocks Down

Inflation fears, worries about sharp interest rate hikes from the Federal Reserve and nervousness about a possible economic slowdown rattled Wall Street and sent bond yields soaring.

The yield on 10-year Treasury bonds now sits just above 3.1%, having more than doubled this year. Long-term bond yields are now at their highest level since November 2018.

The surge in yields has also helped push up the value of the dollar, which tends to rise along with interest rates. The US dollar index is now trading near its highest level in twenty years. This is also bad news for bitcoin, as many crypto backers point to dollar weakness as a bullish sign for digital currencies.

As rates (and the dollar) continue to climb, some crypto skeptics believe the bitcoin selloff is just getting started. The Federal Reserve is starting to scale back its monthly bond purchases and other stimulus, which could be bad news for all kinds of speculative assets.

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