{"id":490100,"date":"2022-05-10T04:50:51","date_gmt":"2022-05-10T04:50:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=490100"},"modified":"2022-05-10T04:07:09","modified_gmt":"2022-05-10T04:07:09","slug":"bitcoin-price-crashes-below-30k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-crashes-below-30k\/","title":{"rendered":"Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia"},"content":{"rendered":"

Bitcoin has lost almost 10% of its value during the past 24 hours, falling below $30,000 for the first time since July 2021. And one analyst worries that the largest cryptocurrency might fall even worse.<\/p>\n

BTC’s Tuesday decline is more than 55 percent lower than its November 2017 all-time high of $69,000. Year-to-date, Bitcoin prices have decreased by 34%.<\/p>\n

Year-to-date, Bitcoin prices have decreased by 34%. The world\u2019s most sought-after crypto asset plunged to $29,870.30 around 8 p.m. EST, TradingView data shows.<\/p>\n

Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales<\/a><\/em><\/strong><\/p>\n

Bitcoin Drop Correlated To Stocks<\/h2>\n

Traditional financial markets and cryptocurrencies both saw a sell-off as a result of the Federal Reserve’s aggressive monetary tightening and recession fears.<\/p>\n

The last time the largest cryptocurrency by market value dipped below the $30,000 level was on July 20, 2021, when it reached $29,301 before rebounding.<\/p>\n

As institutions have joined the Bitcoin and cryptocurrency markets over the past year, their correlation with stock prices has grown. Consequently, Wall Street is having a difficult day as tech stocks continue to experience significant selloffs. The Nasdaq index decreased by 4.3%.<\/p>\n

<\/p>\n

BTC total market cap at $594 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Analyst Sees BTC Dropping Lower<\/h2>\n
Bitcoin could “perhaps receive a mini-bounce near $35,000, but unless we break the trend line at around $37,000, I’m predicting for $29,000 in the coming weeks or week,” says crypto analyst Wendy O in a new social media\u00a0video.<\/p>\n
Numerous cryptocurrency investors have suggested that Bitcoin is the digital era’s version of gold, a potential flight-to-safety investment and inflation hedge.<\/p>\n
The price behavior of cryptocurrencies, however, implies that the market does not view these extremely volatile assets as reliable value repositories during times of economic instability.<\/p>\n
Suggested Reading | Bitcoin Carnage Continues As BTC Disintegrates To $34K<\/a><\/em><\/strong><\/p>\n
Crypto Market Feeling The Pinch For Weeks<\/h3>\n
Similarly to the stock market, the cryptocurrency market has been under pressure for weeks as investors cope with sustained growing inflation, the ongoing swirl of economic events deriving increasingly from Russia’s invasion of Ukraine, and stricter U.S. monetary policy by the Fed.<\/p>\n
“Bitcoin’s long-term fundamentals are intact, but a recovery to record highs will take a very long time. Bitcoin will begin to stabilize when the carnage on Wall Street finishes, and many investors are still in panic-selling mode right now,” Edward Moya, senior market analyst at Oanda, stated.<\/p>\n
The central bank\u00a0increased interest rates by 50 basis points last week and pledged to shrink its holdings; instead of purchasing bonds to stimulate the economy, it will dispose of\u00a0them to combat inflation.<\/p>\n
The values of cryptocurrencies are quite volatile. Experts say this is something crypto investors will continue to face.<\/p>\n
Featured image Pexels, chart from TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has lost almost 10% of its value during the past 24 hours, falling below $30,000 for the first time since July 2021. And one analyst worries that the largest cryptocurrency might fall even worse. BTC’s Tuesday decline is more than 55 percent lower than its November 2017 all-time high of $69,000. Year-to-date, Bitcoin prices have decreased by 34%. Year-to-date, Bitcoin prices have decreased by 34%. The world\u2019s most sought-after crypto asset plunged to $29,870.30 around 8 p.m. EST, TradingView data shows. Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales Bitcoin Drop Correlated To Stocks Traditional financial markets and cryptocurrencies both saw a sell-off as a result of the Federal Reserve’s aggressive monetary tightening and recession fears. The last time the largest cryptocurrency by market value dipped below the $30,000 level was on July 20, 2021, when it reached $29,301 before rebounding. As institutions have joined the Bitcoin and cryptocurrency markets over the past year, their correlation with stock prices has grown. Consequently, Wall Street is having a difficult day as tech stocks continue to experience significant selloffs. The Nasdaq index decreased by 4.3%. BTC total market cap at $594 billion on the daily chart | Source: TradingView.com Analyst Sees BTC Dropping Lower Bitcoin could “perhaps receive a mini-bounce near $35,000, but unless we break the trend line at around $37,000, I’m predicting for $29,000 in the coming weeks or week,” says crypto analyst Wendy O in a new social media\u00a0video. Numerous cryptocurrency investors have suggested that Bitcoin is the digital era’s version of gold, a potential flight-to-safety investment and inflation hedge. The price behavior of cryptocurrencies, however, implies that the market does not view these extremely volatile assets as reliable value repositories during times of economic instability. Suggested Reading | Bitcoin Carnage Continues As BTC Disintegrates To $34K Crypto Market Feeling The Pinch For Weeks Similarly to the stock market, the cryptocurrency market has been under pressure for weeks as investors cope with sustained growing inflation, the ongoing swirl of economic events deriving increasingly from Russia’s invasion of Ukraine, and stricter U.S. monetary policy by the Fed. “Bitcoin’s long-term fundamentals are intact, but a recovery to record highs will take a very long time. Bitcoin will begin to stabilize when the carnage on Wall Street finishes, and many investors are still in panic-selling mode right now,” Edward Moya, senior market analyst at Oanda, stated. The central bank\u00a0increased interest rates by 50 basis points last week and pledged to shrink its holdings; instead of purchasing bonds to stimulate the economy, it will dispose of\u00a0them to combat inflation. The values of cryptocurrencies are quite volatile. Experts say this is something crypto investors will continue to face. Featured image Pexels, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":490104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664,4707],"class_list":["post-490100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-stock-market"],"acf":[],"yoast_head":"\nBitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia<\/title>\n<meta name=\"description\" content=\"Bitcoin has lost almost 10% of its value during the past 24 hours, falling below $30,000 for the first time since July 2021. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-crashes-below-30k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-crashes-below-30k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/05\/Bitcoin-3-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/05\/Bitcoin-3-scaled.jpg?fit=2560%2C1428"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto","stock market"],"dateCreated":"2022-05-10T04:50:51Z","datePublished":"2022-05-10T04:50:51Z","dateModified":"2022-05-10T04:50:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-crashes-below-30k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-crashes-below-30k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/Bitcoin-3-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/Bitcoin-3-scaled.jpg?fit=2560%2C1428\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\",\"stock market\"],\"dateCreated\":\"2022-05-10T04:50:51Z\",\"datePublished\":\"2022-05-10T04:50:51Z\",\"dateModified\":\"2022-05-10T04:50:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/05\/Bitcoin-3-scaled.jpg?fit=2560%2C1428","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/490100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=490100"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/490100\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/490104"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=490100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=490100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=490100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}