Bitcoin breaches $30,000 mark, down 25% in just 6 days

economictimes.indiatimes.com:

Bitcoin breached the $30,000 mark in the last 24 hours. It is the lowest level of the largest digital token since July 2021. It hit an intraday low of $29,944.80. According to data from Coinmarketcap, Bitcoin has tumbled about 25 per cent in the last six days. The crypto behemoth has tanked about 60 per cent from its peak scaled in November 2021. Market experts said rising inflationary worries, aggressive monetary tightening, looming recession fears, war crisis and geopolitical worries are denting sentiments for riskier assets such as cryptos.

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Shivam

, CEO, BuyUcoin, said global financial markets are battered by rising inflation and growing geopolitical tension. The traditional and crypto markets are experiencing broader sell-offs due to macro-economic factors such as interest rate hike by central banks around the globe, he added. WazirX Trade Desk said the Fear & Greed Index, gauging the market sentiments, has hit the lowest since the start of the year. Decoding the technical levels, it said that the daily RSI fell below 25 for the first time in almost 4 months and the next immediate support for BTC is expected at $28,600. While crypto enthusiasts view Bitcoin as a hedge against inflation, an influx of more traditional investors tend to view it as a riskier asset, particularly to its fall in tandem to the tech-heavy Nasdaq, leading to correlations between the two. However, comparing the correlation between the two, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, is still not