Bitcoin price falls to lowest point since the beginning of the year

2022/05/10 08:34

Sina Technology News Beijing time on the afternoon of May 9th, according to reports, the sharp decline in the stock market continued to have an impact on Bitcoin . On Monday, the price of Bitcoin fell to the lowest level since January this year. So-called riskier assets, such as technology stocks, moved in unison.

In early Monday trading, bitcoin traded as low as $33,266, close to the low of $32,951 hit in January. If the price continues to slide below $32,951, the price of Bitcoin will drop to its lowest point since July last year. The trading price then stabilized at around $33,500, down 1.4%.

Matt Dibb, chief operating officer of Singapore-based cryptocurrency platform Stack Funds, said: "I think everything within the cryptocurrency category is still classified as a risk asset, similar to what we see with Nasdaq. , most cryptocurrencies have been hit.”

A persistent inflation outlook has forced the U.S. Federal Reserve to raise interest rates amid slowing growth. The tech-heavy Nasdaq fell 1.5% last week and is down 22% so far this year. Starq futures were down a further 0.8% in Monday morning Asian trading.

Dibb said other factors contributing to the weekend's decline (with bitcoin closing Friday at around $36,000) included the notoriously low liquidity of the cryptocurrency market over the weekend, as well as interest in an algorithmic stablecoin called Terra USD (UST). Momentary fears of a possible loss of the peg to the dollar. Stablecoins are digital tokens pegged to other traditional assets, typically the U.S. dollar.

UST is closely watched by the cryptocurrency community, partly because of its novel way of maintaining a 1:1 peg to the U.S. dollar, and partly because of its founder’s plans to build $10 billion worth of bitcoin reserves to back the stablecoin, This means that volatility in UST has the potential to spread to the Bitcoin market.

Ether, the world's second-largest cryptocurrency that underpins the ethereum network, fell to $2,421 on Monday, its lowest since February.

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