Bitcoin is falling to its lowest level since July 2021 as they fall along with equity stocks and fall again to start the week. The crypto carnage is spreading across Ethereum and Solana, plus let’s take a look at where they are trading right now, you might want to add up to the latest with over 6% big losses for Ether and Solana.
Yahoo finance david hollerth david how do we explain it I mean it’s an ugly day across the board but what are you looking at on the crypto side I think you know the fundamental thesis for bitcoin and ethereum that Over 60% of the total value in this crypto asset, you know they are fast growing stocks and move in correlation with other risk-averse assets, especially the Nasdaq except for the fact that they are more Exaggerated volatile trading periods and trading in the crypto market. never closes so now you will see trading over the weekend, since the FOMC meeting on Wednesday you know the cryptocurrency saw a drop on thursday and continued through thursday to the weekend, we saw the cryptocurrency market with about $305 billion We’ve seen withdrawals and when we’ve seen bitcoin hit its lowest point and as I said it’s reached its lowest point, it’s really coming. Occurred in closing hours, so investor traders in particular are still looking for a bottom at least in this kind of trading cycle and you know it’s hard to tell the obvious because cryptocurrencies don’t necessarily trade at, You know discounted cash flow technical measurements are really important for asset classes so people are often looking at these key price points where traders can come to buy assets.
Now 34,000 resistance was a very strong point for bitcoin where buyers would come in, we’ve got to the bottom of those levels, you know we’re trading in the mid thirty two thousand dollars so you know I guess That’s traders clearly have more cooperation. 30,000 points but it is still to be seen whether they will come at the same point or not apparently the 34 thousand mark has been broken I have spoken to some institutional traders and they have pointed in a way that you know institutions There is a huge influx of was coming in the market because it was more so this is what is happening.
It’s the macro geopolitical landscape that the whole background looks very bad at, so a lot of institutions that have put their money in crypto or you know what we are, you know they’re essentially going through a lot of their portfolios Huh. Some parts are selling what you call trimming, so you know they’re going to wait until a temporary floor is found for the property class, but from what I’ve heard, the rest may be more Dawn doesn’t necessarily bode well for bitcoin and other cryptocurrencies.