Bitcoin And Ethereum Sharply Falling Amid Investor Caution

Key Points:

• Bitcoin, Ethereum are down more than 4% today.
• Investors are still cautious in the context that banks may raise interest rates.
• As dollar-alternative assets, gold, crude oil, and Bitcoin are all under pressure.

Bitcoin plunged below $30,000 earlier today. It was pushed back to the $29,100 level. Ethereum also retreated to the 1980 dollar level. Is the market changing?

Gold and crude oil all declined when the European market opened, and the dollar rose. The value of Bitcoin is also influenced by the strength of the US dollar.

According to Coinglass, there have been over $180 million in forced liquidations in the cryptocurrency market in the past 4-hour. Ethereum is worth $39.82 million, whereas Bitcoin is worth $30.48 million.

Bitcoin’s price has dropped more than 4% to $29,100, with the price now trading at $29,281. Bitcoin prices reached a low of $29,000 and a high of $30,500 in the previous 24 hours.

Ethereum prices have also fallen precipitously below the $2,000 mark. The price of ETH has dropped more than 6% in the previous 24 hours, and it is now trading at $1,980. The low and high for the day are $1,980 and $2,100, respectively.

Global stock markets plummeted as the Bank of England and the European Central Bank discussed raising interest rates further to bring inflation back under goal. Markets are concerned as US Fed members James Bullard and Raphael Bostic advocate a higher terminal rate of 5.50% to 5.75% and another 25 basis point rate rise in May.

Bond rates are under pressure to climb as inflation in the United Kingdom exceeds expectations, and inflation in the eurozone is anticipated to continue high.

Foreign currency markets have transferred money toward the dollar in tandem with the increase in bond rates. Gold, crude oil, and Bitcoin are all under pressure as dollar-alternative assets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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