Crypto pessimism grows as Bitcoin slips below $17,0000
By The Economic Times
The largest token traded below $16,700 on Sunday after dropping as much as 3.7% on Friday.
Earlier in the week, Bitcoin reached its highest price since Sam
Bankman-Fried’s crypto empire filed for bankruptcy last month.
On Friday, Ether declined as much as 6.3%, while other altcoins
like Avalanche and Solana dropped as well.
Cryptocurrencies dipped alongside US stocks as the econom
weathers the Federal Reserve’s aggressive tightening.
The drop reverses a brief relief rally that pared back some of the
token’s November losses.
Since the start of the year, Bitcoin has declined roughly 65%.
Fairlead Strategies senior analyst Will Tamplin said that the token i
at risk of re-approaching its November lows.
Then, it sank to its lowest price since November 2020.
Noelle Acheson, the author of the “Crypto is Macro Now”
newsletter, wrote that investors remain skittish about the fates of
other crypto-related companies, including Binance and Digital
Currency Group, parent of troubled crypto broker Genesis.
Binance’s BNB token was down 6.3% on Friday and has slumped
about 50% in the past year.
There may be some ugly contagion news yet to drop,” Acheson wrote.
But most investors who were going to sell have done so.”
Shares of companies tied to the digital-asset world continued to be
under pressure.
Coinbase Global Inc., fell as much as 9% to $34.71, another all-time low.
