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- The leading cryptocurrency is down by 9.15% in the last 24 hours as of this writing. Bitcoin price has its lowest since Feb 24, reaching $35,904.58.
- The flagship cryptocurrency and the stocks both have experienced a drop in value together. The shares of big tech giants too declined, and Amazon plummeted by 7%.
- The market appears to be driven by negative sentiments after investors and traders reassessed Fed Chair Jerome Powell’s comment that 75 basis point hikes are not part of the plan.
At the time of writing, in the past 24 hours, the price of Bitcoin has experienced a drop of 9.15%.
It hit its lowest level earlier today since Feb 24, reaching $35,904.58, shattering all hopes for another rally.
The leading cryptocurrency in the world has dropped in value as correspondence to U.S stocks.
Hundreds of billions of dollars have been vanished by tech stocks, with the Nasdaq Composite index coming close to its worst day since June 2020 after dropping by 5%. Meanwhile, the shares of the massive tech giants too have plummeted, Amazon dropping by as much as 7%.
Because of the aggression shown by the U.S. Federal Reserve, stocks, as well as digital assets, are struggling to recover. As reported earlier, the Fed increased the benchmark interest rate by 50 basis points for the first time since 2000. The central bank is also keen on decreasing inflation, which recently touched its highest level in four decades.
However, the market response to the news was quite alright. Stocks and crypto even had a short-lived phase of the hike after Jerome Powell, chairperson of the Fed, stated that 75 basis point hikes are not part of the plan.
However, negative sentiments could be seen sprouting in the market following the reassessment of Powell’s comments by the investors and traders.
The huge drop in Bitcoin and the U.S. dollar index (DXY) attained its highest level since December 2002. Earlier today, it attained the peak of 104, experiencing a rise of 9.65% since the beginning of the year.
The greenback has positioned itself as a reliable option for investors. Usually, the leading cryptocurrency underperforms when the dollar shows strength.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
