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Bitcoin drops to its lowest level in a year and a half

Bitcoin

London, (Business News Report)|| Bitcoin fell to its lowest level in a year and a half, influenced by US inflation data, which continues to pressure the prices of global risk assets.

Bitcoin fell 8.9% to $24,900 thousand, its lowest since December 2020.

Still, the broader sell-off, which sent cryptocurrencies down, pushed the MVIS CryptoCompare Digital Assets 100 Index, which measures the performance of the top 100 cryptocurrencies, down by 9.7%.

Antoni Trenchev, co-founder and managing partner of cryptocurrency trading Nexo, said cryptocurrency markets remain at the mercy of the Fed, as well as stuck in a period of confusion with the Nasdaq and other high-risk assets.

Traders are boosting their bets on an even fiercer pace of Federal Reserve policy tightening after data on Friday showed that US inflation jumped to a 40-year high in May, prompting a sell-off in riskier assets including Including cryptocurrencies and stocks.

Other cryptocurrencies also faced sharp losses, with Ethereum dropping as much as 12% to its lowest level since February 2021, Solana by 14% and Dogecoin by 11%.

Trenchev says, “If Ethereum continues to bleed towards $1,200 (the 200-week moving average), the outlook for other currencies becomes more bleak.”

At the top of the losing digital currencies came Bitcoin, as it recorded during the past hours a decline of 5.2%, compared to a weekly loss of 16.3%, to be traded in today’s trading at the level of 26,093 dollars.

Its combined market value fell to the level of $493.1 billion, acquiring a market share of 47.17% of the total market.

Ethereum, which ranked second in the list of the largest cryptocurrencies by market value, recorded losses during the past hours by 5.8%, compared to a weekly decline of 26.4%, to be traded in today’s trading at the level of $1,380.

Its combined market value fell to the level of $166.2 billion, acquiring a market share of 15.9%.

Tether, which came in the third place among the largest digital currencies in terms of market capitalization, stabilized at the level of $1, the combined market value has stabilized at the level of $72.2 billion, with a market share of 6.9%.

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