Bitcoin price nears 2-year low

Bitcoin price has not yet stopped the decline and continues to fall to $ 32,812 / dong, the lowest level since the end of July 2021.

According to CoinMarketCap, compared to ATH (historical high) set in November last year, Bitcoin value has evaporated over 50%.

If it breaks through the $29,807 mark, Bitcoin will officially have a new bottom within the past 2 years. Over the past 24 hours, the Bitcoin price has dropped by more than 5%, pulling the market cap down to $627 billion.

Notably, Bitcoin's trading volume jumped 28% to $44 billion. However, this is not a bottom-fishing cash flow. Trading View technical data shows that sellers have completely taken control over the past 5 days and only saw a few slight struggles from May 6-7.

Within the past 7 days, the Bitcoin price has dropped by 14.37%. Some other cryptocurrencies in the group of 10 large-cap coins with similar corrections are Ethereum (-14.15%), Binance Coin (-13.99%), XRP (-12.37%), Cardano (-13.99%), Solana (17.62%). Terra alone dropped 28.93%.

CoinGlass recorded 122,676 investors having their positions liquidated in the past 24 hours with a total loss of $418 million. Despite the negative trend, the derivatives trading block was still very active when up to 79.38% of liquidated orders believed that the market would reverse.

Regarding the cause, experts say that the cryptocurrency market has not yet escaped the pressure from the US's tightening monetary policies to tackle inflation.

On top of that, this severely affects risky assets like stocks, especially tech stocks. Therefore, the fact that Bitcoin's price action is increasingly similar to that of US stocks is seen as a factor pulling the prices of cryptocurrencies down.

In the most recent trading session, US stocks were free and caused Dow Jones to lose more than 1,000 points.


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