"The dip comes amid doubts about future US interest rate cuts and a risk-averse mood in broader markets. Bitcoin fell below $90,000 for the first time in seven months in the latest sign that investor appetite for risk is drying up across financial markets. The cryptocurrency began to rebound as United States markets opened on Tuesday. However, Monday's steep drop in the risk-sensitive asset had already wiped out all of its gains for the year."
"It is now nearly 30 percent below its peak of $126,000 in October. It was down 0.5 percent at $91,338.47 during European trading hours, after slipping as low as $89,286.75. About $1.2 trillion has been wiped off the total market value of all cryptocurrencies in the past six weeks, according to market tracker CoinGecko. Market participants said that a combination of doubts around future"
"The cascading selloff is amplified by listed companies and institutions exiting their positions after piling in during the rally, compounding contagion risks across the market, said Joshua Chu, co-chair of the Hong Kong Web3 Association. When support thins and macro uncertainty rises, confidence can erode with remarkable speed. Speculators who had put money into crypto in the hopes of supportive US regulation have started to pull back, causing steady outflows from exchange traded funds (ETFs) and similar instruments in recent weeks,"
Bitcoin fell below $90,000, erasing gains for the year and trading nearly 30% below an October peak of $126,000. The price briefly dipped to $89,286.75 before rebounding, and roughly $1.2 trillion has been removed from total crypto market value over six weeks. Market participants cited doubts about future US Federal Reserve interest rate cuts and a risk-averse mood after a long rally as key drivers. Institutional and listed-company exits amplified the selloff and contagion risks. Speculators have pulled money from ETFs and similar instruments, while past leveraged liquidations weakened retail buyer support.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]