Bitcoin and altcoin prices crumbled as BTC shed the $70,000 level
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Bitcoin (BTC) faced a sharp 9% drop over 48 hours, hitting the $67,000 support for the first time in two months.
Key facts
Bitcoin (BTC) faced a sharp 9% drop over 48 hours, hitting the $67,000 support for the first time in two months
Jim Bianco of Bianco Research reportedly said, “The team have not seen the market this concentrated around a single theme in 150 years
Bitcoin and altcoin prices crumbled as BTC lost the $70,000 level
US Russell 2000 small cap equities index (left) vs. Bitcoin/USD
Summary
Bitcoin and altcoin prices crumbled as BTC lost the $70,000 level. Bitcoin's sharp 8% drop triggered $1.5 billion in forced liquidations, ending a tight two-month small-cap correlation. Worsening market sentiment was driven by $2.1 billion in Bitcoin ETF outflows and rising fears of a Federal Reserve interest rate hike. Traders remain uncertain about the drivers behind crypto's underperformance, especially since US equities have shown notable strength.