{"id":226910,"date":"2022-06-13T13:00:06","date_gmt":"2022-06-13T13:00:06","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=226910"},"modified":"2022-06-13T10:32:37","modified_gmt":"2022-06-13T10:32:37","slug":"bitcoin-10","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bitcoin-10\/","title":{"rendered":"Bitcoin drops to its lowest level in a year and a half"},"content":{"rendered":"

London, (Business News Report)|| <\/strong>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.<\/p>\n

Bitcoin fell 8.9% to $24,900 thousand, its lowest since December 2020.<\/p>\n

Still, the broader sell-off, which sent cryptocurrencies down, pushed the MVIS CryptoCompare Digital Assets 100 Index<\/a>, which measures the performance of the top 100 cryptocurrencies, down by 9.7%.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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%.<\/p>\n

Trenchev says, \u201cIf Ethereum continues to bleed towards $1,200 (the 200-week moving average), the outlook for other currencies becomes more bleak.\u201d<\/p>\n

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\u2019s trading at the level of 26,093 dollars.<\/p>\n

Its combined market value fell to the level of $493.1 billion, acquiring a market share of 47.17% of the total market.<\/p>\n

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\u2019s trading at the level of $1,380.<\/p>\n

Its combined market value fell to the level of $166.2 billion, acquiring a market share of 15.9%.<\/p>\n

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%.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":4,"featured_media":226916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[168,278],"class_list":["post-226910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bitcoin","tag-featured"],"yoast_head":"\nBitcoin drops to its lowest level in a year and a half | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Bitcoin fell to its lowest level in a year and a half, influenced by US inflation data, which continues to pressure risk assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/bitcoin-10\/\" \/>\n<meta property=\"og:locale\" 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