Bitcoin price traded below $19,000 on Wednesday morning, as the leading cryptocurrency plummeted to its lowest level since July, due to a decline in global stock markets and the U.S. dollar\u2019s sustained strength.<\/p>\n
As of this writing, Bitcoin (BTC) is trading at $18,741, down 5.5% in the last seven days, data from Coingecko show, Wednesday.<\/p>\n
The last time Bitcoin fell below $19,000 was on July 4, when its price reached $18,600. The current level is a 25% correction from the August 15 rally to $25,000.<\/p>\n
Prior to reaching $18,600, BTC touched $18,900 in November 2020 en route to its all-time highs of nearly $60,000 a year later.<\/p>\n
Bitcoin Price Feeling The Pressure Of U.S. Market<\/p>\n
At 7:46 a.m. Eastern Time, BTC was trading about $18,745, a decline of more than 5%, according to CoinDesk data. Ether, which has significantly surpassed\u00a0Bitcoin\u2019s advances\u00a0in recent weeks, fell nearly\u00a010% to $1,514.<\/p>\n
Multiple factors appear to be causing investors to distance themselves from Bitcoin. As usual, the asset\u2019s recent huge volatility is highly associated with the U.S. stock market.<\/p>\n
Following a turbulent trading session on Wednesday, stocks declined, in part because of worries that the Federal Reserve will continue to jack up\u00a0interest rates.<\/p>\n
Since U.S. Federal Reserve chair\u00a0Jerome Powell\u2019s remarks on August 27 were followed by a $1.25 trillion loss in U.S. stocks in a single day, the market has been in a bit of a rut.<\/p>\n
Powell stated at the annual Jackson Hole Economic Conference that bigger interest rate hikes remained a possibility, forcing the S&P 500 to settle\u00a03.5% lower that day.<\/p>\n
Russia Oil Shutdown Takes Toll On Bitcoin Price<\/p>\n
Meanwhle, the number of Bitcoin wallets holding between one and 10 BTC has reached an all-time high even as the market capitalization of the world\u2019s most valuable cryptocurrency falls below $19,000.<\/p>\n
Since the BTC price fell below $50,000 in late December 2021 and early January 2022, the number of addresses holding between one and 10 bitcoins has steadily increased, according to the most recent data.<\/p>\n
As this developed, the central bank\u2019s tightening of policy has bolstered the U.S. greenback, weighing on risk assets. The yield on the 10-year U.S. Treasury note has also risen.<\/p>\n
According to analysts, Bitcoin\u2019s decline has increased following last week\u2019s announcement that Russia shut down the Nord Stream 1 pipeline, blocking gas to Europe and unsettling markets. Despite this,\u00a0Bitcoin aficionados\u00a0remain unfazed.<\/p>\n
Bitcoin positions were liquidated to the tune of $77 million due to the current price decline, with over $40 million liquidated in the previous hours\u00a0alone. A large chunk of BTC was sold after its price dropped to roughly $18,963.<\/p>\n\n
BTC total market cap at $357 billion on the daily chart | Source: TradingView.com<\/a> <\/p>\n Bitcoin price traded below $19,000 on Wednesday morning, as the leading cryptocurrency plummeted to its lowest level since July, due to a decline in global stock markets and the U.S. dollar\u2019s sustained strength.<\/p>\n As of this writing, Bitcoin (BTC) is trading at $18,741, down 5.5% in the last seven days, data from Coingecko show, Wednesday.<\/p>\n The last time Bitcoin fell below $19,000 was on July 4, when its price reached $18,600. The current level is a 25% correction from the August 15 rally to $25,000.<\/p>\n Prior to reaching $18,600, BTC touched $18,900 in November 2020 en route to its all-time highs of nearly $60,000 a year later.<\/p>\n Bitcoin Price Feeling The Pressure Of U.S. Market<\/p>\n At 7:46 a.m. Eastern Time, BTC was trading about $18,745, a decline of more than 5%, according to CoinDesk data. Ether, which has significantly surpassed\u00a0Bitcoin\u2019s advances\u00a0in recent weeks, fell nearly\u00a010% to $1,514.<\/p>\n Multiple factors appear to be causing investors to distance themselves from Bitcoin. As usual, the asset\u2019s recent huge volatility is highly associated with the U.S. stock market.<\/p>\n Following a turbulent trading session on Wednesday, stocks declined, in part because of worries that the Federal Reserve will continue to jack up\u00a0interest rates.<\/p>\n Since U.S. Federal Reserve chair\u00a0Jerome Powell\u2019s remarks on August 27 were followed by a $1.25 trillion loss in U.S. stocks in a single day, the market has been in a bit of a rut.<\/p>\n Powell stated at the annual Jackson Hole Economic Conference that bigger interest rate hikes remained a possibility, forcing the S&P 500 to settle\u00a03.5% lower that day.<\/p>\n Russia Oil Shutdown Takes Toll On Bitcoin Price<\/p>\n Meanwhle, the number of Bitcoin wallets holding between one and 10 BTC has reached an all-time high even as the market capitalization of the world\u2019s most valuable cryptocurrency falls below $19,000.<\/p>\n Since the BTC price fell below $50,000 in late December 2021 and early January 2022, the number of addresses holding between one and 10 bitcoins has steadily increased, according to the most recent data.<\/p>\n As this developed, the central bank\u2019s tightening of policy has bolstered the U.S. greenback, weighing on risk assets. The yield on the 10-year U.S. Treasury note has also risen.<\/p>\n According to analysts, Bitcoin\u2019s decline has increased following last week\u2019s announcement that Russia shut down the Nord Stream 1 pipeline, blocking gas to Europe and unsettling markets. Despite this,\u00a0Bitcoin aficionados\u00a0remain unfazed.<\/p>\n Bitcoin positions were liquidated to the tune of $77 million due to the current price decline, with over $40 million liquidated in the previous hours\u00a0alone. A large chunk of BTC was sold after its price dropped to roughly $18,963.<\/p>\n BTC total market cap at $357 billion on the daily chart | Source: TradingView.com<\/a> <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-7140","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/7140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=7140"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/7140\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=7140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=7140"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=7140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFeatured image from Open Access Government, chart from TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"
\nFeatured image from Open Access Government, chart from TradingView.com<\/a><\/p>\n