The largest crypto by market cap has been languishing well off last week's high as investors worry about dicey macroeconomic conditions, including supply chain issues, the coronavirus pandemic, inflation and a slump in the tech sector. JPRubin reports
Bitcoin continued to slide, falling under $42,000. The largest cryptocurrency by market capitalization has been languishing well off last week's high as investors worry about dicey macroeconomic conditions, including supply chain issues, the ongoing coronavirus pandemic, rising inflation and a slump in technology markets."The market is digesting a number of things," Osprey Funds founder and CEO Greg King told CoinDesk TV on Wednesday.
King noted the impact of inflation on the economy, which he said"nibbles away at your purchasing power over long periods of time," and highlighted the correlation between the recent decline in tech stocks and crypto. The tech-heavy Nasdaq fell 1.1% and is off over 10% from its all-time high November. Shifts of more than 10% are thought of as market corrections. The S&P 500 and Dow Jones Industrial Average both dropped nearly 1%.
The cryptocurrency is down about 4% over the past week, although multiple oversold readings suggest buyers could remain active into the Asia trading day.
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