The coingecko.com site shows that the price of the crypto asset has dropped 55.2 percent from its highest level of US$ 69,044.8 or around Rp. 1.005 billion. The all-time high was reached in early November 2021.
When compared to a year ago, the price of Bitcoin has fallen 46.8 percent. As compared to a month ago and the past week, the price of these crypto assets weakened by 27.7 percent and 19.8 percent, respectively. Crypto with a total market capitalization of US$ 588.85 billion dominates with an ownership portion of up to 39.7 percent.
Bitcoin fell to its lowest level since July 2021 amid market panic over the economic outlook that weighed on risk assets. This was followed by other cryptocurrencies that slumped across the board throughout the weekend and added to Monday morning's losses as global equity markets slumped.
The implementation of tighter monetary policy continues to be felt in all markets. These include cryptocurrencies, with the price of bitcoin (BTC) – which a few days ago reached US$ 40,000 and then fell to as low as US$ 32,500.
Bitcoin lost the critical $40,000 support level last week and is not holding above the next support levels of $38,000 and $35,800, respectively. Some analysts expect Bitcoin to drop to as low as US$ 31,500 if current levels fail to hold.
Meanwhile, large-cap crypto assets followed Bitcoin's decline, with Ethereum (ETH) down 8.7 percent in the last 24 hours, while ADA (ADA) Cardano and SOL (SOL) Solana fell 10 percent each.
Meanwhile, the memecoin shiba inu (SHIB) took a bigger hit with a 13 percent decline. Liquidations in crypto-tracked futures exceeded $411 million in the last 24 hours. Of that amount, about $140 million came from bitcoin futures, and $121 million came from ether futures.
The weakening of Bitcoin coincided with TerraUSD (UST) which lost its underlying asset against the dollar. The drop added to steam last Sunday as Asian equity markets and US stock index futures opened sharply lower.
Meanwhile the US Dollar continues to benefit from the panicked market, with the Australian dollar and Indian rupee weakening.
Regarding the decline in Bitcoin's price, a number of analysts have previously warned it, especially if the broader economic outlook continues to deteriorate. Crypto fund trader ZerocapKurt Grumelart noted that professional money managers would not load high-risk growth assets at this time.
“You can't see past the current barriers and high correlation with traditional markets,” he said at the time when explaining Bitcoin's current price correlation with the US market.
Disaster.
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