Bitcoin Price Today: The cryptocurrency is falling to levels last seen in July 2021, part of a broader retracement for the cryptocurrency.
Bitcoin Price Today: Cryptocurrencies are falling to levels last seen in July 2021, part of a broader retracement for crypto amid global exit from riskier investments .
The world’s largest digital token fell 2.7% on Monday and was trading at $33,741 as of 12:40pm in Singapore. The second largest coin, Ether, is down 4.6%. Most of the major cryptocurrencies are under pressure over the weekend and the upbeat mood will shift to Monday.
Tight monetary policy and reduced liquidity are turning investors away from speculative assets in global markets. Adding to the caution for digital assets, the value of TerraUSD or UST, an algorithmically stable currency that maintains a one-to-one exchange rate with the dollar, fell below $1 by the end of the day. week before recovery.
According to Edul Patel, chief executive officer of Mudrex, an algorithm-based crypto investment platform, rising interest rates are giving individual and institutional investors pause to think about the crypto market outlook. .
“The downtrend is likely to continue for the next few days and more Bitcoin could test the $30,000 level,” he said.
The token will hit its lowest since July 2021 if it weakens below $32,970. Bitcoin’s 27% drop in 2022 compared to a more than 10% drop in global bonds and stocks and a 2.5% rise in gold.
