
Bitcoin Price Drops to 16-Month Low as Bearish Sentiments Engulf Market
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.
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Below you will find the latest news articles about Bitcoin Price.
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.
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.
El Salvador buys an additional 500 BTC for its reserves taking its total Bitcoin holdings to more than 2,300.
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.
Bitcoin declined to under $36K to coincide with the biggest negative correction seen on the Dow Jones Industrial Average since 2020.
The open interest in Bitcoin options expiring on May 6 is $735 million, but experts believe the actual total will be lower.
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.
Bitcoin is showing signs of bounceback after a strong correction earlier this week. However, analysts predict that the chances of Bitcoin going lower could be higher from here.
While the Bitcoin community has a similar mindset with respect to the potential of the digital currency in the long term, the viewpoint in the short term is somewhat diversified.