Bitcoin falls lowest in a month with global crypto market value dropping to $1.9 Trillion
Bitcoin dropped to its lowest level in more than a month and other digital assets tumbled as investors’ tendency toward risk aversion, combined with the lack of a clear catalyst for buying, drove the market lower.
The largest cryptocurrency fell as much as 4.2% to $38,580 while Ether dropped 5.3%, declining to as low as $2,885. The global crypto market’s value dropped about 4% in the past 24 hours to $1.9 trillion. Altcoins were among the biggest decliners, with Bitcoin Cash, EOS and Ethereum Classic each decreasing more than 6% at one point.
Bitcoin has been struggling along with risk assets in recent months. It's largely traded in a range of US$35,000 to US$45,000 this year as the Federal Reserve started raising interest rates amid stubbornly high inflation.
Trading volumes have also decreased, including across Coinbase, Bitfinex, Kraken, Bitstamp and other exchanges. Google searches for the word “Bitcoin” have also declined, and social-media activity via the Crypto Subreddit -- as measured by things like comments and posts per day -- are down from mid-2021 levels.
Investors from the world of traditional finance continue to be risk-averse, while crypto-centric holders are awaiting any signs of fresh interest from recent significant Bitcoin buyers which have been building a Bitcoin position in support of the Terra blockchain and its stablecoin.
Aruba & Forrester study says optimizing operational efficiency is a top business priority
Aruba, a Hewlett Packard Enterprise company, announced the findings of a study it commissi...
Qualcomm unveils its AI Stack Portfolio
Qualcomm Technologies, Inc. announced its AI Stack portfolio, accelerating the company&rsq...
3i Infotech signs US $2.2 Mn Digital IMS deal with one of UAE’s digital transformation companies
3i Infotech has signed an enterprise solution deal with one of UAE's digital transform...
PRAMA hosts its EXCELLENCE MEET in New Delhi
Prama India has organized its Pan India Roadshows with its second event recently at New De...
Grassroots Channels announces a multicity, daylong event “Surveillance Unmasked”
Grassroots Channels has announced the launch of “Surveillance Unmasked” progra...
ManageEngine celebrates two decades of Technology Innovation
Celebrating 20 years of ManageEngine, the company has hosted a conference on May 19 at the...
As a business you need to anticipate the technology evolution and ways to improve the process: CP Gurnani
CEO Fireside Chat CP Gurnani, Chief Executive Officer & Managing Director, Tech Mahind...