Bitcoin price fell to a one-month low amid a broader decline across stock markets
Bitcoin price is down again, shedding over 6% of its price tag in 24 hours. Since December 27, the leading coin has dropped from nearly $52,000 to $43,500. At the time of writing, it is changing hands at $43,745.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price hits 1-month low as US stock prices fall
Bitcoin and the broader crypto market fell as the stock market pulled back at the closing bell minutes from the Federal Reserve’s December FOMC meeting, indicating that the regulator is committed to balancing sheet reduction and interest rate hike in March, which is sooner than many had expected.
Total liquidations | Source: Coinglass
As the stock market corrected, the price of BTC fell below $44,000, triggering a flurry of liquidations that hit $222 million in less than an hour. After oscillating around the $46,000 support for the past few days, Bitcoin has been hit by a wave of selling that dragged the price to an intraday low of $43,717.
Today’s price decline represents the lowest figure since December 4, when the price of bitcoin fell to $42,333 on Coinbase, as shown in the chart above. Bitcoin’s all-time price high occurred on November 9, reaching the $69,000 mark on Coinbase.
“Bitcoin briefly fell below $43k for the first time since September before showing a current, mildly encouraging bounce. Both the S&P 500, along with gold, have also tumbled and appear to be quite correlative currently”, Santiment stated.
Other cryptocurrencies also followed the sell-off. ETH was down by 2.51% to $3,644 in the hour after the minutes release. The loss came after the second cryptocurrency by market capitalization went as high as nearly $3,900. ETH is roughly 50% away from overtaking Bitcoin as the largest cryptocurrency.
Elsewhere in the top 10, Terra (LUNA) was rocked for 9% losses, and Solana (SOL) got burned by 10%. Overall, the cryptocurrency market cap is down over 6% to $2.2 trillion. The last time it fell below $2 trillion was in September 2021.
The overall cryptocurrency market cap stands at $2.089 trillion, and Bitcoin Dominance is 39.6%.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
- El Salvador’s Government Is Hoping To Issue $1 Billion In Bitcoin Bonds
- The SEC Has Delayed Its Decision On The NYDIG Bitcoin ETF By Two Months