Bitcoin Price (BTC) Slides Under $19,000 — The First Time Since July 4
07 September 2022 - 4:27PM
NEWSBTC
Bitcoin price traded below $19,000 on Wednesday morning, as the
leading cryptocurrency plummeted to its lowest level since July,
due to a decline in global stock markets and the U.S. dollar’s
sustained strength. As of this writing, Bitcoin (BTC) is trading at
$18,741, down 5.5% in the last seven days, data from Coingecko
show, Wednesday. The last time Bitcoin fell below $19,000 was on
July 4, when its price reached $18,600. The current level is a 25%
correction from the August 15 rally to $25,000. Prior to reaching
$18,600, BTC touched $18,900 in November 2020 en route to its
all-time highs of nearly $60,000 a year later. Related Reading:
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Bitcoin Price Feeling The Pressure Of U.S. Market At 7:46 a.m.
Eastern Time, BTC was trading about $18,745, a decline of more than
5%, according to CoinDesk data. Ether, which has significantly
surpassed Bitcoin’s advances in recent weeks, fell
nearly 10% to $1,514. Multiple factors appear to be causing
investors to distance themselves from Bitcoin. As usual, the
asset’s recent huge volatility is highly associated with the U.S.
stock market. Following a turbulent trading session on Wednesday,
stocks declined, in part because of worries that the Federal
Reserve will continue to jack up interest rates. Since U.S.
Federal Reserve chair Jerome Powell’s remarks on August 27
were followed by a $1.25 trillion loss in U.S. stocks in a single
day, the market has been in a bit of a rut. Powell stated at the
annual Jackson Hole Economic Conference that bigger interest rate
hikes remained a possibility, forcing the S&P 500 to
settle 3.5% lower that day. Russia Oil Shutdown Takes Toll On
Bitcoin Price Meanwhle, the number of Bitcoin wallets holding
between one and 10 BTC has reached an all-time high even as the
market capitalization of the world’s most valuable cryptocurrency
falls below $19,000. Since the BTC price fell below $50,000 in late
December 2021 and early January 2022, the number of addresses
holding between one and 10 bitcoins has steadily increased,
according to the most recent data. As this developed, the central
bank’s tightening of policy has bolstered the U.S. greenback,
weighing on risk assets. The yield on the 10-year U.S. Treasury
note has also risen. According to analysts, Bitcoin’s decline has
increased following last week’s announcement that Russia shut down
the Nord Stream 1 pipeline, blocking gas to Europe and unsettling
markets. Despite this, Bitcoin aficionados remain
unfazed. Bitcoin positions were liquidated to the tune of $77
million due to the current price decline, with over $40 million
liquidated in the previous hours alone. A large chunk of BTC
was sold after its price dropped to roughly $18,963. Related
Reading: Elrond Network Watch: Consider This Before Filling Up Your
Wallet With EGLD BTC total market cap at $357 billion on the daily
chart | Source: TradingView.com Featured image from Open Access
Government, chart from TradingView.com
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