Bitcoin plunges to $38K as the sell-off accelerates
Bitcoin, the world’s largest cryptocurrency, has plunged to its lowest level in over a month
Bitcoin’s price dropped to $38,547 at 5:05 am UTC on the Bitstamp exchange, hitting its lowest level since March 15.
Image by tradingview.com
It is struggling to bounce back after hitting its intraday low, which is currently trading at $38,917.
On March 28, the flagship cryptocurrency hit an annual high of $48,234.
The cryptocurrency is under pressure as the US Federal Reserve is rapidly tightening its monetary policy to tame inflation.
As reported by U.Today, Brandt recently predicted that Bitcoin’s price could continue to trade sideways for years before starting another major rally that could take place in 2024.
The Crypto Fear and Greed Index, a widely followed sentiment indicator, shows that Bitcoin traders remain gripped by “extreme fear”.
As for altcoins, most have underperformed in the past 24 hours, which is common during market corrections.
Avalanche (AVAX), Cardano (ADA) and Terra (LUNA) have lost more than 6% in the last 24 hours.
Decred (DCR) is one of the few top 100 cryptocurrencies in the green, with an increase of more than 28%.
According to data from Coinglass, $223 million worth of cryptocurrencies have been liquidated in the past 24 hours. Long positions account for 88.72% of the wipeout.
Its total market cap is currently $1.8 trillion. Bitcoin’s market dominance remains at 41%.