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Bitcoin dipped below $19,000 for the first time in 2 months. CoinMarketCap reports that the largest cryptocurrency has the highest market cap at $18,841.
Bitcoin hit $18,900 in November 2020, up from $18,600 when the asset last dipped below $19,000. This happened on July 4, 2019. Before that, Bitcoin topped $18,900 in November 2020 and set a new all-time high of over $60,000.
During the volatile trading session, investors sold bitcoin for a number of reasons. These reasons are all related to the U.S. stock market; the main reason for selling Bitcoin is the expected rate hike by the Federal Reserve.
The Fed has increased risk on stocks and bitcoin positions due to 40 years of high inflation. Because of this, investors sold less risky assets to make way for these more volatile assets.
Bitcoin’s sell-off intensified last week following news that Russia had shut down the Nord Stream 1 gas pipeline. Experts believe that, according to their observations, it was caused by the interruption of the pipeline, which caused panic in the financial markets. While Bitcoin fans appear to be unaffected, they are still undeterred.
The Russian government said on Monday it would restore gas supplies if the sanctions were lifted.
Among the top ten cryptocurrencies, Bitcoin is one of the worst performing today. Only Polkadot and Cardano beat their 24-hour losses by nearly 5%, down 5.7% and 6.1% respectively over the same period.
Ethereum, the second largest cryptocurrency by market capitalization, is down just 1.79% to $1,568 in the last 24 hours.
Bitcoin hit $18,900 in November 2020, up from $18,600 when the asset last dipped below $19,000. This happened on July 4, 2019. Before that, Bitcoin topped $18,900 in November 2020 and set a new all-time high of over $60,000.
During the volatile trading session, investors sold bitcoin for a number of reasons. These reasons are all related to the U.S. stock market; the main reason for selling Bitcoin is the expected rate hike by the Federal Reserve.
The Fed has increased risk on stocks and bitcoin positions due to 40 years of high inflation. Because of this, investors sold less risky assets to make way for these more volatile assets.
Bitcoin’s sell-off intensified last week following news that Russia had shut down the Nord Stream 1 gas pipeline. Experts believe that, according to their observations, it was caused by the interruption of the pipeline, which caused panic in the financial markets. While Bitcoin fans appear to be unaffected, they are still undeterred.
The Russian government said on Monday it would restore gas supplies if the sanctions were lifted.
Among the top ten cryptocurrencies, Bitcoin is one of the worst performing today. Only Polkadot and Cardano beat their 24-hour losses by nearly 5%, down 5.7% and 6.1% respectively over the same period.
Ethereum, the second largest cryptocurrency by market capitalization, is down just 1.79% to $1,568 in the last 24 hours.
