Bitcoin Collapses to $30,000 Amid Relentless Sell-Off

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Alex Dovb­nya

The world’s largest cryp­tocur­ren­cy is now down more than 9% in a sin­gle day 

The price of Bit­coin (BTC) has plunged to yet anoth­er 52-week low of $30,838 on the Bit­stamp exchange ear­li­er today. 

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Image by tradingview.com

The cryp­tocur­ren­cy has been high­ly cor­re­lat­ed with the Nas­daq 100 index. The tech-heavy index is down 23% since the start of the year. For com­par­i­son, Bit­coin has shed 31% over the same peri­od of time.

Accord­ing to data pro­vid­ed by Coin­glass, more than $700 mil­lion worth of cryp­to has been liq­ui­dat­ed with­in 24 hours. 

The “fear and greed” index, which gets updat­ed dai­ly, is cur­rent­ly flash­ing extreme fear with 11 points. 

Dig­i­tal Cur­ren­cy Group CEO Bar­ry Sil­bert says that he would rather own Bit­coin than any­thing else in the market. 

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Still, gold remains in the green on a year-to-date basis, which proves that Bit­coin is far from being a viable store of value. 

The dol­lar index (DXY)  is the biggest win­ner this year. It has surged by more than 8% since the start of the year and man­aged to hit mul­ti-decade highs. 

Risk assets such as Bit­coin have been bat­tered by the Fed­er­al Reserve tight­en­ing finan­cial con­di­tions at a rapid pace. 

Still, Bit­coin may extend its bear­ish streak. As report­ed by U.Today, Galaxy Dig­i­tal CEO Mike Novo­gratz doesn’t expect Bit­coin to find a bot­tom any time soon. 

In 2018, Bit­coin infa­mous­ly col­lapsed 73% before recov­er­ing the fol­low­ing year. In 2014, the world’s largest cryp­tocur­ren­cy dropped to 58%.

Accord­ing to Sky­Bridge founder Antho­ny Scara­muc­ci, the price of Bit­coin could bot­tom out at $18,000 if pre­vi­ous cycles are any guide.



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