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The losses that are being recorded in the price of Bitcoin are being modeled by other altcoins as many slumped to levels that are yet to be seen in months.
Following a 5.2% decline on Wednesday, Apple was overtaken by Middle Eastern oil behemoth Saudi Aramco as the world’s most valuable stock.
There’s a bloodbath all across the crypto market with the broader crypto market losing 33% valuation in just over the matter of a month.
If the sell-off in the US equity market doesn’t cool down anytime soon, we can expect further corrections in Bitcoin and the broader crypto market.
The price has fallen in four straight days with about a 3% decline in the last 24 hours trading at the current price of $33,697 as of press time.
Despite some positive development from China’s April trade data, global stocks still remain lower as investors remain tentative.
Stocks in the Asian market are largely seeing a bad day as the shares of tech giants buckled under the realities in the broader global market.
The Dow and Nasdaq recorded their worst day performances in almost two years on Thursday, as the S&P 500 also loses ground.
The digital currency ecosystem is also seeing a massive bullish correction with Bitcoin (BTC) trailing the broad market indices in the rally post interest rate hike.
All three major US stock indices witnessed heavy selling in April 2022 amid concerns about the Fed’s hawkish move in monetary policy tightening.
NASDAQ futures, as well as futures of other US leading indexes fell after discouraging earnings reports from tech companies.
Meta explained that the Meta Store has an interactive Quest 2 display wall.
About a week ago, Musk submitted a filing with the SEC that shows that the Tesla CEO has secured $46.5 billion in debt and equity financing to support a potential Twitter takeover bid.
There are speculations that the price drop is traceable to further tension from Russia’s invasion of Ukraine and also the US Federal Reserve interest adjustment policy.
European markets opened 1.3% lower at the beginning of the week as investors continue to monitor developments around the war in Ukraine.