- Bitcoin has seen its fortunes slide gradually over the last few weeks, it battles the rebounding US dollar
- The world's largest cryptocurrency traded below $40,000 last week which saw traders hang on for a possible rebound
- The Dow Jones also lost about 1,000 points on Thursday as the US Federal Reserve moves to raise benchmark interest rate
The premier Cryptocurrency, Bitcoin has continued to see its fortunes go down after a sell-off in the US last sent the crypto market into a shockwave prompting it to slide by 10 per cent, a CNBC report says.
The world’s largest crypto was lower by about 3 per cent at $33,000,438.03 on Sunday, May 8, 2022, a Coin Metrics Data said. Bitcoin has been shedding prices this year, trading in a narrow range as it moves to reclaim its 2021 highs.
Bitcoin tumbles from November 2021 high
Bitcoin is down by 50 per cent from its high of $67,000,802,30 in November last year.
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This comes after the blue-chip Dow Jones Industrial Average lost over 1,000 points on Thursday, May 5, 2022.
Bowed by stronger dollar
The US Federal Reserve on Wednesday, May 4, 2022, raised its benchmark interest rate by half a percentage point as it moves to curb rising inflationary pressure.
The stock market rallied after Fed chair Jerome Powell said a larger rate hike of 75 basis points isn’t being considered. But by Thursday, investors had erased the Fed rally’s gains.
The global cryptocurrency market cap was at $1.68 trillion on Sunday, according to data from CoinGecko.com, and cryptocurrency trading volume on the last day was at $119 billion.
Over 158,000 crypto investors have all Their funds wiped out as bitcoin buckles
Meanwhile, Legit.ng has reported that About 158,832 traders have their investment liquidated, which totaled about $387.96 million. It is the biggest single liquidation on Okx, a BTC-USD-220930 transaction at $2.93.
The premier crypto, bitcoin and Ethereum have their prices have broken their key $4ok and 3k support levels individually as investors' sentiments are at a bearish level.
The important driver of the round of liquidations, promoters say, was a very sharp selloff in the week before which was driven by a strong dollar that has gotten to the new highs in two decades.