Bitcoin (BTC) Price Drops Below $19,000 As Crypto Market Drops Below $1 Trillion

Bitcoin continues to trade in a tight range of $18,000 to $24,000, keeping investors nervous about where the price will go next. The crytpo market has been plagued by a number of problems from collapsing projects to bankruptcy.

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Bitcoin traded below $19,000 on Wednesday morning, hitting its lowest level since June following a global stock market slump and continued strength in the stock market. U.S. dollar.

The value of the entire crypto market also dropped below $1 trillion as cryptocurrencies across the board sold off.

Bitcoin was trading around $18,812.36 at 03:50 a.m. ET, down more than 5%, according to CoinDesk. Etheroutstripping bitcoin’s gains in recent months, down more than 8% at $1,518.59.

Central banks around the world are fighting rampant inflation with tight monetary policies. The US Federal Reserve has made a series of rate hikes totaling 2.25 percentage points. The market is waiting interest rates continue to rise.

The Fed’s tightening policy has strengthen the US dollar including Consider risky assets. Yields on 10-year US Treasuries also rose sharply.

Bitcoin has traded in correlation with stocks and so if they fall, in general, so will cryptocurrencies.

“The macro environment also continues to prove difficult with the dollar continuing to stay high. This affects all risk assets as we can see,” said Vijay Ayyar, vice president. international and corporate development at crypto exchange Luno, told CNBC.

“If we see the dollar start to fall again, then we should be able to get risk assets like bitcoin up again.”

The crypto market has been battered this year with nearly $2 trillion written off since peaking in November. Bitcoin is down about 60% from its record high of $68,990.90. achieved in November.

The sell-off is due to the difficult environment for risk assets as well as crypto-specific issues including Project collapses and bankruptcies have spread in the industry.

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