Bitcoin at its lowest level since January
Bitcoin fell to $ 33,266 in Monday morning trading, testing the January low of $ 32,951. A drop below this level would be the lowest level since July last year.
Then it stabilized to trade around $ 33,500, down 1.4%.
The technology-intensive Nasdaq (.IXIC) index fell 1.5% last week and lost 22% since the beginning of the year, affected by the prospect of persistent inflation forcing the US Federal Reserve to raise rates , despite the slowdown in economic growth. Nasdaq futures fell another 0.8% in Asian trading on Monday morning. MKTS-GLOB.
UST is closely followed by the crypto community both because of the unique way it maintains its 1: 1 dollar anchorage level and because its founders have established plans to build a $ 10 billion bitcoin reserve for to support the stable currency, which means that UST volatility could affect the bitcoin markets.
Ether, the world's second-largest cryptocurrency, the backbone of the ethereum network, fell to $ 2,421 on Monday, the lowest level since the end of February.
Could it be the end of the cryptocurrency market?
Given such a sharp decline, investors have begun to wonder - is the growth sequence in the cryptocurrency market over?
The current decline may not necessarily lead to a reversal of the long-term trend as it could only be a short correction. Keep in mind that digital currencies have seen a similar decline in the past and have not been followed by a period of lasting declines.