Bitcoin Price Falls to Lowest Level Since July 2021, What Causes It?

ILLUSTRATION. Bitcoin price fell to its lowest level since July 2021 on Monday (9/5/2022).

Source: Reuters | Editor: Barratut Taqiyyah Rafie

KONTAN.CO.ID – HONG KONG. Bitcoin price fell to its lowest level since July 2021 on Monday (9/5/2022). Launch Reuters, Bitcoin prices fell as the US stock market slumped amid concerns about the Federal Reserve’s aggressive tightening path.

The price of the world’s largest cryptocurrency by market cap, bitcoin, fell to $3,331.28, falling for the fifth straight session. Bitcoin was last down 9.8% to $30,724.

Throughout May, bitcoin’s price has fallen 19%, and has lost more than half of its value since hitting an all-time high of $69,000 in November last year.

For your information, the S&P 500 index on Monday plunged and hit its lowest level since April 2021. The decline was led by a sell-off in mega-cap stocks. The Nasdaq index fell more than 3%.

Also Read: Bitcoin Price Falls to Lowest Level in 3 Months, Still Potential to Fall

One of the stocks that weighed on the Nasdaq and S&P 500 indexes was the decline in Apple shares which reached more than 3%.

Alex Miller, chief executive officer of Hiro, believes the volatility in the market stems from speculation.

“And because bitcoin is highly speculative, the price and other crypto markets are going down along with the general market,” he explained.

Hiro builds developer tools for Stacks, a network-enabled app and smart contracts for bitcoin.

Ether, the world’s second-largest cryptocurrency used for the Ethereum blockchain, fell to $2,245, its lowest since late January.

Also Read: Bitcoin is getting a lot of attention, Warren Buffett remains uninterested

“The most important thing to do to prepare for a bear market is to maintain a balanced portfolio and not over-invest in assets that you can’t afford to wait for the crypto winter to do,” Miller said.

He added, “As we’ve seen from every downturn ever, the best thing you can do with a long-term asset like bitcoin is hold, or even increase your position if you’re prepared to do so.”

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Source: Reuters
Editor: Barratut Taqiyyah Rafie

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