Bitcoin Price Falls to Lowest Point $29,730 in May of 2022
2022-05-10 15:29:35
How To Go About Buying When Bitcoin Prices Are At Their Lowest?
The current sharp decline in financial stock markets has had a significant impact on cryptocurrencies such as Bitcoin. Cryptocurrencies are currently trading in line with the trend of so-called risky assets such as tech stocks, which is where the price of Bitcoin has fallen to near its lowest level since January of this year.
As of this writing, the price of Bitcoin is listed at $31,209 on the International Digital Currency Exchange Gate.io, down 19.1% in the last 7 days and 6.8% in the last 24 hours on the volume of $65,880,018,839. The price of Bitcoin fell to a low of $29,730 on May 10. However, MicroStrategy stock closed at $219.05 in the early hours of today, down 25.55% in 24 hours. More than $920 million has been liquidated from the cryptocurrency market in the last 24 hours.
The persistent inflation outlook is forcing the U.S. Federal Reserve to raise interest rates in the face of slowing growth. The Nasdaq, which has many technology stocks, fell 1.5 percent last week and is down 22 percent so far this year. Stark futures were down a further 0.8% in Asian trading Monday morning.
The UST is being closely watched by the cryptocurrency community, both because of the novel way it maintains a 1:1 dollar peg and because its founders have built a $10 billion Bitcoin reserve to back the stable coin's plans, meaning that UST's volatility could potentially spill over into the Bitcoin market.
The U.S. Federal Reserve announced a 50 basis point rate hike on May 4, raising the target range for the federal funds rate to between 0.75% and 1%. At the same time, the Fed announced that it will reduce the size of its balance sheet by nearly $9 trillion from June 1 to match the interest rate hike move and curb soaring inflation.
On the news, US stocks and crypto markets rose slightly in the short term, as the panic had been largely digested in the early going. During the meeting, Fed Chairman Jerome Powell ruled out a 75 basis point rate hike, dispelling market doubts about an overly aggressive rate hike.
But in the immediate aftermath, the market winds took a sharp turn for the worse, with both U.S. stocks and crypto markets closing sharply lower. After all, this is the first time since 2000 that the rate hike has reached 50 basis points, showing the urgency of the Fed's tightening monetary policy, which has brought a kettle of fish moving impact on the funding and market sentiment.
But in contrast, U.S. bond yields soared and the dollar index hit a nearly 20-year high, showing the positive effects of the rate hike. It can be said that the interest rate hike is the Fed's stranglehold to reshape the dollar's credit at a critical moment when U.S. inflation is increasing and the dollar's credit is slipping.
Specifically, on the market side, the panic sell-off has been built towards a miserable situation. The three major U.S. stock indexes have retracted the gains of the previous days, of which the Dow once wildly fell nearly 1,400 points during the day.
As seen in the performance of digital assets such as Bitcoin during the Russian-Ukrainian war, the crypto sphere is fully aligned with global financial markets, just in a particularly peculiar form. More and more central banks in mainstream countries are beginning to formalize the status of blockchain technology and crypto assets, while less developed countries in Asia, Africa, and Latin America are accelerating the process of finalizing Bitcoin.
These phenomena regarding the impact of Bitcoin price live have begun to make frequent appearances in the headlines of the international mainstream financial media. Regardless of the strength, magnitude, or manner of this U.S. rate hike, it is wise to look at the crypto world, choose Bitcoin, make prudent investments, and mention cognition deeply at this time to traverse the bull and bear cycle. Don't go into risky investments that you can't take.
The current sharp decline in financial stock markets has had a significant impact on cryptocurrencies such as Bitcoin. Cryptocurrencies are currently trading in line with the trend of so-called risky assets such as tech stocks, which is where the price of Bitcoin has fallen to near its lowest level since January of this year.
As of this writing, the price of Bitcoin is listed at $31,209 on the International Digital Currency Exchange Gate.io, down 19.1% in the last 7 days and 6.8% in the last 24 hours on the volume of $65,880,018,839. The price of Bitcoin fell to a low of $29,730 on May 10. However, MicroStrategy stock closed at $219.05 in the early hours of today, down 25.55% in 24 hours. More than $920 million has been liquidated from the cryptocurrency market in the last 24 hours.
The persistent inflation outlook is forcing the U.S. Federal Reserve to raise interest rates in the face of slowing growth. The Nasdaq, which has many technology stocks, fell 1.5 percent last week and is down 22 percent so far this year. Stark futures were down a further 0.8% in Asian trading Monday morning.
The UST is being closely watched by the cryptocurrency community, both because of the novel way it maintains a 1:1 dollar peg and because its founders have built a $10 billion Bitcoin reserve to back the stable coin's plans, meaning that UST's volatility could potentially spill over into the Bitcoin market.
The Biggest Reason for Bitcoin's Plunge: U.S. Interest Rate Hike
The U.S. Federal Reserve announced a 50 basis point rate hike on May 4, raising the target range for the federal funds rate to between 0.75% and 1%. At the same time, the Fed announced that it will reduce the size of its balance sheet by nearly $9 trillion from June 1 to match the interest rate hike move and curb soaring inflation.
On the news, US stocks and crypto markets rose slightly in the short term, as the panic had been largely digested in the early going. During the meeting, Fed Chairman Jerome Powell ruled out a 75 basis point rate hike, dispelling market doubts about an overly aggressive rate hike.
But in the immediate aftermath, the market winds took a sharp turn for the worse, with both U.S. stocks and crypto markets closing sharply lower. After all, this is the first time since 2000 that the rate hike has reached 50 basis points, showing the urgency of the Fed's tightening monetary policy, which has brought a kettle of fish moving impact on the funding and market sentiment.
But in contrast, U.S. bond yields soared and the dollar index hit a nearly 20-year high, showing the positive effects of the rate hike. It can be said that the interest rate hike is the Fed's stranglehold to reshape the dollar's credit at a critical moment when U.S. inflation is increasing and the dollar's credit is slipping.
Specifically, on the market side, the panic sell-off has been built towards a miserable situation. The three major U.S. stock indexes have retracted the gains of the previous days, of which the Dow once wildly fell nearly 1,400 points during the day.
How To Buy Bitcoin Which Is Now Plunging?
As seen in the performance of digital assets such as Bitcoin during the Russian-Ukrainian war, the crypto sphere is fully aligned with global financial markets, just in a particularly peculiar form. More and more central banks in mainstream countries are beginning to formalize the status of blockchain technology and crypto assets, while less developed countries in Asia, Africa, and Latin America are accelerating the process of finalizing Bitcoin.
These phenomena regarding the impact of Bitcoin price live have begun to make frequent appearances in the headlines of the international mainstream financial media. Regardless of the strength, magnitude, or manner of this U.S. rate hike, it is wise to look at the crypto world, choose Bitcoin, make prudent investments, and mention cognition deeply at this time to traverse the bull and bear cycle. Don't go into risky investments that you can't take.
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