Bitcoin temporarily breaks below $ 33,000 as selling pressure on cryptocurrencies increases-Bloomberg

Selling pressure on crypto assets (virtual currency) gained momentum on the 24th. Bitcoin hit a six-month low, while other cryptocurrencies recorded even greater declines.

Bitcoin temporarily fell 6.8% to below $ 33,000. This has dropped for 6 business days in a row. Ether temporarily dropped by more than 10% to $ 2,160, the lowest since July last year.

Selling has spread to all cryptocurrencies, and according to Coin Gecko, the cryptocurrency Sol of the blockchain (distributed ledger) platform “Solana” and the Ada of the platform “Cardano” have each dropped by double digits.

Bitcoin spot price transition

Bloomberg

Traders cite recent selling pressures on cryptocurrencies as hawkish signals from US financial authorities and technology-related stock sales on the stock market have led to outflows from risk assets. Bitcoin has fallen by more than 50% from its highest in November last year.

“It’s not a bad thing if high volatility allows some of that air to escape from a corner of a speculative market,” said Mark Hefel, chief investment officer of UBS Global Wealth Management.

Bitcoin's correlation with U.S. tech stocks has reached a record

40-day correlation coefficient between Bitcoin and Nasdaq 100 index reaches record high

Bloomberg

Original title:Crypto Losses Deepen With Bitcoin Tumbling Below $34,000(excerpt)

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