Crypto losses deepen with bitcoin tumbling below $34 000

Across the crypto spectrum, markets were in a sea of red.
Image: Moe Zoyari/Bloomberg

The selloff in cryptocurrencies gained new momentum on Monday, with Bitcoin tumbling to a six-month low and other tokens seeing big losses.

Bitcoin sank 4.3% and fell below the $34 000 mark, continuing a six-day downturn. Ether retreated 6.8% and touched $2 201 the lowest since July.

Across the crypto spectrum, markets were in a sea of red with Solana’s SOL and Cardano’s ADA plummeting 19% and 13%, respectively, according to data compiled by CoinGecko.

Crypto has come under widespread selling pressure in recent days, with traders pointing to hawkish signals from the Federal Reserve and a selloff in technology shares as reasons for traders to withdraw from risky assets. Since its all-time high in November, Bitcoin has tumbled more than 50%.

“We don’t think it is a bad thing if market volatility takes some of the air out of the more speculative corners of the market,” said strategists led by Mark Haefele, chief investment officer at UBS Global Wealth Management.

© 2022 Bloomberg

COMMENTS   1

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

Still waiting for BC to hit $20,000 before nibbling.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: