Bitcoin drops to lowest level since last July as equity markets worsen

Bitcoin fell to its lowest level since July on Monday, following the fall in risky assets such as tech stocks.

The cryptocurrency hit a low of $30,000 in the last 24 hours. At around 5:30 pm, it was quoted at US$ 31,400.

(Correction: g1 was wrong to report that the price of bitcoin fell to the lowest level in 22 months. The level is the lowest since July last year. The information was corrected at 19:30).

The cryptocurrency is down 13% so far in May and has lost more than half its value since hitting an all-time high of $69,000 in November last year.

UST is closely watched by the digital currency community, both because of the new way in which it maintains its 1:1 dollar peg, and because its creators have set plans to build a 10 billion dollar reserve of bitcoin to support the stablecoin. , which means that volatility in the UST could potentially spill over into bitcoin markets.

Ether, the world’s second-largest cryptocurrency, dropped to $2,300 on Monday, the lowest since late February. By late afternoon, the digital currency was down 9.2% in 24 hours.

Leave a Reply

Your email address will not be published.