- Investors are dubious that BTC can correct up to $30,000.
- Bitcoin is down 1.48% in the last 24 hours.
Amid the recent drop in the value of U.S. equities, Bitcoin (BTC), the biggest cryptocurrency globally, is under pressure. After a 2.7 percent drop in the Dow Jones index, Bitcoin (BTC) is trading at $38,639 with a market capitalization of $734 billion. The currency had fared poorly on Friday, but this was consistent with the bulk of conventional assets—except for Chinese stocks.
Institutional Investors Taking Advantage
Analyst Lyn Alden said that “almost everything” except gold, platinum, and Chinese equities “went down” on Monday morning. As a result, the S&P 500 lost 3.6%, and the Nasdaq 100 lost 4.5% on Friday. The Hang Seng index of Hong Kong, on the other hand, rose by a total of 4%. A dip in the DXY after it reached levels not seen in twenty years did not provide relief as it continued to consolidate at the two-decade high it had reached earlier.
As a result, governments that implement yield curve control are seen as a critical watershed event for the economies they administer. For his part, statistician Willy Woo said that the current state of affairs might be a re-run of Q4 2020, shortly before Bitcoin burst out of a three-year trading range.
If the sell-off in the U.S. financial market continues, investors are dubious that BTC can correct up to $30,000. While Woo points out that institutional investors have been taking advantage of every supply drop. He expects this based on the increasing illiquidity supply of the Bitcoin at the exchanges. According to CMC, the Bitcoin price today is $38,606.90 USD with a 24-hour trading volume of $28,691,024,351 USD. Bitcoin is down 1.48% in the last 24 hours.